Economics 0455 · IGCSE
Market economic system
36 practice questions on Market economic system, with worked solutions and instant marking.
What exists in a market economy?
Feb/March 2019
What description is necessarily given of the market system?
Feb/March 2020
What is one probable advantage of a country changing from a mixed economy to a market economy?
Feb/March 2024
What is one feature of a market economic system?
Feb/March 2025
What would not count as an example of how a market system works?
May/June 2015
In a market economy, which two economic institutions are present?
May/June 2016
In a market economy, which two economic institutions are most likely to be present?
May/June 2016
Which two economic institutions are present in a market economy?
May/June 2016
What is one major advantage of a market economic system compared with a mixed economic system?
May/June 2018
What is one advantage of the free market system?
May/June 2018
Cuba is introducing free market reforms. What is a probable advantage of this?
May/June 2019
What is one essential characteristic of a market economy?
May/June 2021
What benefit does a country gain from having a market economic system with a large private sector?
May/June 2022
In recent years, a government has begun relying more heavily on the free market system. However, it is doing so very gradually in order to avoid the disadvantages that a free market system could create. What is one possible disadvantage of the free market system?
May/June 2022
Singapore is a high-income country facing shortages of land and labour. It is commonly used as an example of a market economy. However, the Singaporean government still intervenes in the economy. For instance, it promotes the idea that people should eat two servings of fruit and two servings of vegetables per day.
May/June 2022
During 2020, Thailand’s biggest commercial bank combined with a smaller Thai commercial bank. The merger was predicted to influence both the fee charged for bank services and the amount that would be lent. Thai commercial banks belong to the private sector. As the private sector expands, an economy can move closer to a market economic system.
May/June 2023
What would be impossible in a market economic system?
May/June 2024
What opinion would someone hold who wanted to promote the use of the market system?
May/June 2025
Which combination accurately identifies characteristics of a market economic system?
May/June 2025
Many former planned economies in Eastern Europe have become market economies. What is most likely to be seen in these economies?
Oct/Nov 2015
What is one advantage of the market system?
Oct/Nov 2017
An economy functions wholly as a market system. Which kind of service would not be supplied in such an economy?
Oct/Nov 2018
China, which is the world’s second-largest economy, is moving closer to a market economy. Which policy would directly help to bring about this change?
Oct/Nov 2018
In a market economy, which two economic institutions are present?
Oct/Nov 2019
Which two economic institutions are present in a market economy?
Oct/Nov 2019
Which two economic institutions are present in a market economy?
Oct/Nov 2019
What is one drawback of a market economic system?
Oct/Nov 2020
By applying supply-side policy measures, such as deregulation, China is being shifted nearer to a market economic system. Certain supply-side policies, including education and subsidies, may also lift a country’s economic growth rate. China became a member of the World Trade Organisation in 2001 and has afterwards removed some import quotas and cut some import tariffs. These actions could affect the size of its current account surplus.
Oct/Nov 2020
State one advantage of a market economy.
Oct/Nov 2021
The US has a largely market-based economic system. In 2017, US life expectancy dropped for the third successive year. Even though the US has a high GDP per head, income inequality is also high. The poor gained from the US’s low and stable inflation rate. Government supply-side policy measures helped to ease inflationary pressure.
Oct/Nov 2021
What is one drawback of a market economy?
Oct/Nov 2022
State one disadvantage of a market economy.
Oct/Nov 2023
What characteristics does a market economy have?
Oct/Nov 2023
What necessarily characterises the market system?
Oct/Nov 2024
In a market economy, which two economic institutions are present?
Oct/Nov 2025
How are economic decisions made in a market economic system?
Oct/Nov 2025