Political Economy - Economic Systems MCQ Test: Political Economy - Economic Systems MCQs - Practice Questions
1. What is the system of exchange rates and international payments used by countries called?
2. What term refers to a simplified representation of economic relationships and processes?
3. Which economic system is characterized by central planning and government control of the means of production?
4. What is the process of analyzing economic data and making informed decisions called?
5. What are severe disruptions in the economy characterized by a sharp decline in economic activity called?
6. How does political economy influence welfare policies?
7. What term refers to the state of being extremely poor, with a lack of basic necessities?
8. What is the primary goal of economic planning?
9. How does political economy influence healthcare?
10. Which economic system is characterized by collective ownership of the means of production and the goal of achieving social equality?