Political Economy - Economic Systems MCQ Test: Political Economy - Economic Systems MCQs - Practice Questions
1. Which economic system allows for a combination of private and public ownership of the means of production, as well as market-based and planned elements?
2. What term refers to the statistical measures used to assess the health and performance of an economy?
3. What is an economic system?
4. In which economic system are all property and resources owned collectively by the community?
5. Which economic system is based on private ownership of the means of production and profit-driven decision-making?
6. Which economic system is characterized by government ownership of major industries?
7. What term refers to the policies and practices that regulate international trade?
8. What is the use of interest rates and money supply to influence the economy called?
9. Which economic system aims to achieve a classless society through common ownership of the means of production and the abolition of private property?
10. What is the main focus of the political economy of public goods?
11. How does political economy influence labor?
12. Which economic system is characterized by collective ownership of the means of production and the goal of achieving social equality?
13. What is the process of making choices about the use of scarce resources called?
14. What is the term for the unequal distribution of income and wealth within a society?
15. Which economic system is a combination of both market-based and planned economies?
16. What is a mixed economy?
17. Which economic system is based on collective ownership of the means of production and the goal of achieving social equality?
18. What is the process of increasing integration and interdependence among economies called?
19. What are the government policies and actions that influence the economy called?
20. What are severe disruptions in the economy characterized by a sharp decline in economic activity called?
21. How does political economy influence healthcare?
22. What is the concept of fairness and justice in the distribution of resources called?
23. What is the process of improving the economic, political, and social well-being of a country called?
24. What is the study of the economic past and how it has shaped the present called?
25. What is the study of the production, distribution, and consumption of goods and services called?
26. Which economic system is characterized by private ownership of resources and market-based allocation of goods and services?
27. What term refers to the unequal distribution of assets, resources, and wealth in a society?
28. How does political economy influence welfare policies?
29. Which economic system is based on common ownership of the means of production and the absence of private property?
30. What are the two main tools of economic policy?
31. What are the sets of beliefs and values about the economy and its organization called?
32. What is the term for the process of improving the economic, political, and social well-being of a country?
33. Which economic system allows for a combination of private and public ownership of the means of production?
34. What is the process of increasing interconnectedness and interdependence among countries through the exchange of goods, services, and ideas?
35. How does political economy influence the environment?
36. Which economic system aims to achieve social equality through the redistribution of wealth and collective ownership of the means of production?
37. What is the primary goal of economic planning?
38. What is the concept of producing the maximum output with limited resources called?
39. What is the main focus of the political economy of corruption?
40. What is the main characteristic of a market economy?
41. How does political economy influence public policy?
42. What is the system of exchange rates and international payments used by countries called?
43. How does political economy influence economic growth?
44. Which economic system is characterized by central planning and government control over prices and resource allocation?
45. What is the process of analyzing economic data and making informed decisions called?
46. What is the main goal of fiscal policy?
47. Which economic system allows for both private and state ownership of the means of production?
48. What are the organizations and structures that shape economic behavior and outcomes called?
49. In which economic system are the means of production owned and controlled by the state?
50. Which economic system is characterized by collective ownership of resources, central planning of production and distribution, and the absence of private property?