Economic Systems

Section Quiz

Which of these is an example of a commodity?

  1. A restaurant meal
  2. Corn
  3. A college lecture
  4. A book, blog entry, or magazine article

Hint:

B

When did the first economies begin to develop?

  1. When all the hunter-gatherers died
  2. When money was invented
  3. When people began to grow crops and domesticate animals
  4. When the first cities were built

Hint:

C

What is the most important commodity in a postindustrial society?

  1. Electricity
  2. Money
  3. Information
  4. Computers

Hint:

C

In which sector of an economy would someone working as a software developer be?

  1. Primary
  2. Secondary
  3. Tertiary
  4. Quaternary

Hint:

D

Which is an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges?

  1. Capitalism
  2. Communism
  3. Mercantilism
  4. Mutualism

Hint:

C

Who was the leading theorist on the development of socialism?

  1. Karl Marx
  2. Heidimarie Schwermer
  3. Émile Durkheim
  4. Adam Smith

Hint:

A

The type of socialism now carried on by Russia is a form of ______ socialism.

  1. centrally planned
  2. market
  3. utopian
  4. zero-sum

Hint:

B

Among the reasons socialism never developed into a political movement in the United States was that trade unions _________.

  1. secured workers’ rights
  2. guaranteed health care
  3. broke up monopolies
  4. diversified the workforce

Hint:

A

Which country serves as an example of convergence?

  1. Singapore
  2. North Korea
  3. England
  4. Canada

Hint:

A