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Economic systems: market, planned and mixed economies
Practice Questions

20 CIE IGCSE Economics questions on Economic systems: market, planned and mixed economies, each with instant feedback and a full examiner-style mark scheme.

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Question 1 · 1 mark · Difficulty 1/3

What is the main characteristic of a market economy?

  1. Resources are allocated by government planning
  2. Resources are allocated through the price mechanism
  3. The government owns all factors of production
  4. There is no private ownership of property
Show answer & explanation
✓ Answer: BResources are allocated through the price mechanism
Award 1 mark for identifying that resources are allocated through the price mechanism (forces of demand and supply). A is incorrect — this describes a planned economy. C is incorrect — private ownership is a key feature of market economies. D is incorrect — private property rights are fundamental to market economies.
Question 2 · 1 mark · Difficulty 2/3

Which of the following is a disadvantage of a planned economy?

  1. Inequality in the distribution of income
  2. Lack of consumer choice
  3. Unemployment caused by market forces
  4. Instability in prices of goods and services
Show answer & explanation
✓ Answer: BLack of consumer choice
Award 1 mark for recognising that planned economies typically offer limited consumer choice as the government decides what to produce. A is incorrect — this is typically a disadvantage of market economies. C is incorrect — planned economies often guarantee employment. D is incorrect — prices are fixed by the government in planned economies, providing stability.
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CIE IGCSE Economics: Economic systems: market, planned and mixed economies FAQ

How many CIE IGCSE Economics questions on Economic systems: market, planned and mixed economies are there on Kramizo?
Kramizo currently has 20 exam-board-aligned practice questions on Economic systems: market, planned and mixed economies for CIE IGCSE Economics, with new questions added every week. Each question gives you instant feedback and a full examiner-style mark scheme that tells you exactly what would earn marks on a real CIE paper. The questions span the full difficulty range — from straightforward recall (level 1) right up to multi-step reasoning and evaluation (level 3) — so the bank works for first-pass revision and final exam-week stress testing alike.
Is Kramizo free for CIE IGCSE students preparing for Economics?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Economic systems: market, planned and mixed economies practice with other Economics topics or even switch to a totally different CIE subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Economic systems: market, planned and mixed economies questions aligned to the official CIE IGCSE Economics syllabus?
Every question is written against the published CIE IGCSE Economics specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CIE paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from CIE.
How is Economic systems: market, planned and mixed economies typically tested on CIE IGCSE Economics papers?
Economic systems: market, planned and mixed economies appears across multiple question types on real CIE IGCSE Economics papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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