MCQ 1: Which economic system relies on government intervention to allocate resources and solve economic problems?
A) Command economy
B) Market economy
C) Mixed economy
D) Traditional economy
Answer: A) Command economy
MCQ 2: In which economic system do market forces of supply and demand primarily determine the allocation of resources?
A) Command economy
B) Mixed economy
C) Market economy
D) Traditional economy
Answer: C) Market economy
MCQ 3: Which of the following economic systems combines elements of both market and command economies?
A) Command economy
B) Mixed economy
C) Market economy
D) Traditional economy
Answer: B) Mixed economy
MCQ 4: How do traditional economies typically solve the basic economic problem of resource allocation?
A) Through government intervention
B) Based on customs and traditions
C) By relying on market forces
D) By central planning
Answer: B) Based on customs and traditions
MCQ 5: Which economic system is most likely to result in rapid technological innovation due to competition among firms?
A) Market economy
B) Command economy
C) Mixed economy
D) Traditional economy
Answer: A) Market economy
MCQ 6: In a command economy, what is the primary method used to solve the problem of "what to produce"?
A) Consumer preferences
B) Government planning
C) Market demand
D) Traditions and customs
Answer: B) Government planning
MCQ 7: Which economic system tends to provide the highest level of economic equity, ensuring fair distribution of resources?
A) Market economy
B) Command economy
C) Mixed economy
D) Traditional economy
Answer: B) Command economy
MCQ 8: What is one major disadvantage of a market economy in solving the basic economic problem?
A) Inefficient resource allocation
B) Lack of innovation
C) Income inequality
D) Lack of consumer choice
Answer: C) Income inequality
MCQ 9: In a mixed economy, how is the basic economic problem of "how to produce" typically resolved?
A) Through a combination of market forces and government regulations
B) By central planning
C) By tradition and customs
D) Through pure market mechanisms
Answer: A) Through a combination of market forces and government regulations
MCQ 10: Which of the following is a common feature of all economic systems when addressing basic economic problems?
A) Complete reliance on market forces
B) Total government control
C) Scarcity of resources
D) Unlimited consumer choice
Answer: C) Scarcity of resources
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