Economic Systems: Practice Quiz for the Introduction to Economic Systems

Practice Quiz for the Introduction
to Economic Systems

No. of Questions= 5

INSTRUCTIONS: To answer a question, click the button in front of your choice. A response will appear in the window below the question to let you know if you are correct. Be sure to read the feedback. It is designed to help you learn the material. You can also learn by reading the feedback for incorrect answers.

1. What are the major components of any society's economy?

a) foraging, horticulture, and pastoralism

b) production, exchange, and money

c) production, distribution, and exchange

2. Which of the following are characteristic of non-market economies?

a) the use of money as a means of exchange

b) the ability to accumulate vast amounts of capital

c) highly complex economic interactions that are ultimately international in their scale

d) none of the above

3. Special purpose money consists of _______________________ .

a) objects that serve as a medium of exchange in only limited contexts

b) a portable, arbitrarily valued medium of exchange that can be used to purchase anything that is for sale

c) both of the above

d) neither of the above

4. Which of the following is generally true of pastoralist societies in East Africa?

a) Cattle functioned as their special purpose money in the past.

b) Women use their livestock to pay a bride price when they get married.

c) They have successfully resisted the use of general purpose money.

d) all of the above

5. Which of the following statements is true concerning the introduction of general purpose money into societies that have non-market economies?

a) It makes it easier to carry out trade and gives individuals the ability to accumulate wealth.

b) It results in the economic independence for the society as a whole.

c) It rarely has a powerful effect on the non-market economy.

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This page was last updated onFriday, July 01, 2005.
Copyright � 2003-2005 by Dennis O'Neil. All rights reserved.

1.	What are the major components of any society's economy?


	a)	foraging, horticulture, and pastoralism
	b)	production, exchange, and money
	c)	production, distribution, and exchange


2.	Which of the following are characteristic of non-market economies?


	a)	the use of money as a means of exchange
	b)	the ability to accumulate vast amounts of capital
	c)	highly complex economic interactions that are ultimately international in their scale
	d)	none of the above


3.	Special purpose money consists of _______________________ .


	a)	objects that serve as a medium of exchange in only limited contexts
	b)	a portable, arbitrarily valued medium of exchange that can be used to purchase anything that is for sale
	c)	both of the above
	d)	neither of the above


4.	Which of the following is generally true of pastoralist societies in East Africa?


	a)	Cattle functioned as their special purpose money in the past.
	b)	Women use their livestock to pay a bride price when they get married.
	c)	They have successfully resisted the use of general purpose money.
	d)	all of the above


5.	Which of the following statements is true concerning the introduction of general purpose money into societies that have non-market economies?


	a)	It makes it easier to carry out trade and gives individuals the ability to accumulate wealth.
	b)	It results in the economic independence for the society as a whole.
	c)	It rarely has a powerful effect on the non-market economy.