Economic Systems and Business Growth

Froggy Jumps

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Test your knowledge.

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Lashaun Manroe

Jamaica

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Economic Systems and Business Growth


Froggy Jumps Economic Systems and Business GrowthOnline version Test your knowledge. by Lashaun Manroe 1 What is an economic system? a A framework that tells you why bread costs $700 b A government tax policy c A framework for using resources to produce and distribute goods 2 Which question does a traditional economy primarily follow? a Producing only urgent goods b Relying on customs and social roles to allocate resources c Maximizing profits through markets 3 In a command economy, who largely controls resource allocation? a Consumers via markets b Private owners c The government 4 Which feature best describes a free market economy? a Government-set quotas b State ownership of all resources c Prices and production guided by competition and consumer demand 5 What defines a mixed economy? a Only public ownership b Total free-for-all markets c Private enterprise plus government roles in allocation 6 Which is an advantage of a traditional economy? a High innovation b Rapid growth c Low risk of overproduction 7 What is a key criticism of command economies? a Excessive consumer choice b Slow adaptation to change c Over-reliance on markets 8 Which describes internal growth for a firm? a Expanding using the company’s own resources b Merging with another firm c Acquiring a competitor 9 In a mixed economy, who oversees essential services? a International bodies b The government c Private boards only 10 Which is a feature of a free market system? a Monopolies are legally forbidden b Competition drives efficiency and prices c Prices are fixed by a central plan 11 Which economic system gives the consumer the most power in decision-making? a Market Economy b Traditional Economy c Command Economy 12 In a market economy, the main factor guiding what goods and services are produced is: a Cultural Traditions b Government Orders c Consumer Demand 13 In a mixed economy, decision-making authority is shared between: a Government and the marketplace b International banks and consumers c Businesses and the militiary 14 Which of the following is an advantage of a command economy? a High levels of innovation b Quick decision-makin during crises c Efficient allocation through competition 15 A disadvantage of a traditional economy is that it: a Limited innovation and change b Encourages too much competition c Has unpredictable government 16 In which system are prices determined mainly by supply and demand? a Command b Market c Traditional 17 A mixed economy reduces government control the most in which area? a Setting national budget priorities b Allocating resources for defense c Allowing private businesses to operate freely

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Economic Systems and Business Growth

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Economic Systems and Business GrowthOnline version

by Lashaun Manroe

What is an economic system?

Which question does a traditional economy primarily follow?

In a command economy, who largely controls resource allocation?

Which feature best describes a free market economy?

What defines a mixed economy?

Which is an advantage of a traditional economy?

What is a key criticism of command economies?

Which describes internal growth for a firm?

In a mixed economy, who oversees essential services?

Which is a feature of a free market system?

Which economic system gives the consumer the most power in decision-making?

In a market economy, the main factor guiding what goods and services are produced is:

In a mixed economy, decision-making authority is shared between:

Which of the following is an advantage of a command economy?

A disadvantage of a traditional economy is that it:

In which system are prices determined mainly by supply and demand?

A mixed economy reduces government control the most in which area?