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economics practice questions
- Course
- ECS 1501 (ECS150)
- Institution
- University Of South Africa (Unisa)
practice for chapter 1,2,3 on ecs1501
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ECS 1501Topic 3 Quiz
Economic systems
Multiple Choice Questions (MCQ’s)
3.1 Which of the following countries is an example of a command economy?
[1] Russia
[2] North Korea
[3] South Africa
[4] United States of America
3.2 In what type of economy will you see consumers buying what they like with money they have
acquired from a wage or salary?
a) command system
b) market system
c) mixed economy
[1] only b
[2] only d
[3] both b and c
[4] a, b and c
3.3 Market economies are distinguished from other types of economies largely on the basis of
[1] the political affiliations of government officials.
[2] the process by which government officials are elected or appointed.
[3] the ways in which scarce resources are allocated.
[4] the number of retail outlets available to consumers.
3.4 A market economy is characterised by_______
[1] government intervention.
[2] the absence of self-interest.
[3] central planning.
[4] reliance on price mechanism.
[5] production being determined by tradition and customs.
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