Search Header Logo
Econ 1.2 FOPs

Econ 1.2 FOPs

Assessment

Presentation

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Bryce Badger

Used 3+ times

FREE Resource

22 Slides • 11 Questions

1

media

2

Multiple Choice

True or false: Scarcity affects all individuals and businesses?

1

True

2

False

3

media

4

Multiple Choice

Which of the following is NOT one of the three big economic questions that every society must answer?

1

How to produce?

2

What to produce?

3

How to consume?

4

For whom to produce?

5

media

6

Multiple Choice

Which of the following best describes the main purpose of an economic system?

1

To organize an economy to allocate resources efficiently and fairly

2

To increase the population of a country

3

To promote only technological advancements

4

To create new forms of government

7

media

8

media

9

media

10

media

11

media

12

media

13

Multiple Choice

Which of the following is a characteristic of a traditional economy?

1

Central authority controls production

2

Production is based on communal needs

3

Production decisions are made by buyers and sellers

4

Profit is the main motivation

14

media

15

media

16

Open Ended

What do you think Adam Smith means by we get our dinner because of the "self-interest" of others?

17

media

18

Multiple Select

Which of the following are considered pros of a market economy?

1

Freedom of choice

2

Income inequality

3

Leads to innovation

4

Does not provide products/services unless profit is available

19

media

20

media

21

Multiple Choice

Who controls the factors of production in a command economy?

1

Private individuals

2

Central authority

3

Buyers and sellers

4

Local communities

22

media

23

Multiple Choice

According to Karl Marx, what is the main principle of Communism as stated in the quote?

1

Abolish all private property

2

Promote free markets

3

Encourage entrepreneurship

4

Support monarchy

24

media

25

media

26

Multiple Choice

How does Karl Marx describe the consequences of wealth accumulation by the upper class?

1

It leads to misery and degradation at the opposite pole

2

It results in overall prosperity

3

It encourages innovation

4

It creates more jobs

27

media

28

media

29

media

30

media

31

Open Ended

What are some examples of government intervention in the economy?

32

Multiple Choice

Which country is positioned closest to a pure command economy on the Mixed Economy Continuum?

1

North Korea

2

Cuba

3

China

4

France

33

media
media

Show answer

Auto Play

Slide 1 / 33

SLIDE