Basic Features of Economic System (Capitalism, Socialism, Mixed Economy etc) - SS2 Economics Past Questions and Answers - page 1
1
Which economic system emphasizes private ownership and free markets?
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A
Capitalism
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B
Socialism
C
Mixed Economy
2
In which economic system are the means of production owned by the state or the community?
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A
Capitalism
B
Socialism
C
Mixed Economy
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3
Which economic system seeks to eliminate economic inequality by ensuring that everyone has access to basic goods and services?
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A
Capitalism
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B
Socialism
C
Mixed Economy
4
Which economic system encourages both competitions among businesses and cooperation among different sectors of the economy?
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A
Capitalism
Â
B
Socialism
C
Mixed Economy
5
Which economic system recognizes the importance of both private and public ownership of property?
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A
Capitalism
B
Socialism
C
Mixed Economy
6
In which economic system are prices of goods and services determined by the forces of supply and demand?
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A
Capitalism
B
Socialism
C
Mixed Economy
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7
What is the goal of socialism in terms of economic inequality?
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8
What is the basic feature of capitalism with respect to private ownership?
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9
What is the advantage of a mixed economy in terms of public and private ownership?
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