Economic Systems

Economic Systems

9th - 12th Grade

•

84 Qs

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Economic Systems

Economic Systems

Assessment

Quiz

•

Geography, Other, Other Sciences

•

9th - 12th Grade

•

Practice Problem

•

Medium

Created by

Jeffrey Keller

Used 138+ times

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84 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producers determine supply. Consumers determine demand. Companies seek profits. Which economic system is described above?

Traditional Economy
Free Enterprise Economy
Socialist Economy
Communist Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In Indonesia, the government owns large industries and sets some prices. Private individuals also do business. Which economic system is described above?

Traditional
Free Enterprise
Socialist
Communist

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the central characteristic of a free market economy?

The government owns the means of production
All wage earners are paid the same amount
Labor unions are prohibited
Businesses are driven by the desire for profits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system would you expect the widest selection of consumer goods?

Traditional
Free Enterprise
Socialist
Communist

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, information about the way goods are produced is passed from one generation to the next by the –

family
legal system
public schools
government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the major feature of an economy based on subsistence farming?

Most adults work outside the home
Farmers compete with each other
Farmers raise just enough crops for their family to survive
The government decides which crops should be grown

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?

farmers
government officials
consumers 
business leaders

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