Resource Allocation in Different Economic Systems Quiz by Shubhrata Shrestha | May 21, 2025 | 0 comments Resource Allocation in Different Economic Systems Quiz 1. In a planned economy, who primarily decides what goods are produced? A. Consumers B. Private firms C. Government planners D. Market forces None 2. Which of the following is a characteristic of a market economy? A. Central planning B. Public ownership C. Price mechanism D. Production quotas None 3. What is the main role of the government in a market economy? A. Controlling all production B. Providing all goods and services C. Regulating market failures D. Setting prices directly None 4. In a mixed economy, resource allocation is done through: A. Only the private sector B. Only central government planning C. Both market forces and government intervention D. Monopoly control None 5. Which system most strongly emphasizes income equality and social welfare? A. Market economy B. Mixed economy C. Planned economy D. Free trade economy None 6. A disadvantage of the market economy is: A. High innovation B. Overproduction of public goods C. Income inequality D. Central bureaucracy None 7. Which economy is most likely to suffer from shortages and surpluses? A. Planned economy B. Market economy C. Mixed economy D. Subsistence economy None 8. In a mixed economy, private property is: A. Abolished B. Controlled entirely by the government C. Allowed but regulated D. Only used in agriculture None 9. Which of the following is an advantage of a mixed economy? A. Elimination of all taxes B. Balanced economic freedom and social welfare C. No government intervention D. Total control by private firms None 10. Which factor is most responsible for guiding production in a free market economy? A. Demand and supply B. Religious beliefs C. Political ideology D. Population size None Time's up Submit a Comment Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ
