Economic Understandings SS7E8

Economic Understandings SS7E8

7th Grade

21 Qs

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Economic Understandings SS7E8

Economic Understandings SS7E8

Assessment

Quiz

Other Sciences, Geography

7th Grade

Practice Problem

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Created by

Andra Harris

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Someone that takes risks and opens his or her own business.

Buyer
Capital Good
Consumer
Entrepreneur

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which would be a problem for a country with a traditional economy?

The supply of cash runs short in times of economic crisis.
People find they can trade services more easily than goods.
A farmer having an especially good year with lots of grain to trade.
People need things and are unable to barter to obtain them.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a command economy, how are economic decisions made?

Custom and habit.
Government planners
Consumers and the markets.
Combination of consumers and government planners.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Why do most economies today operate somewhere between a market economy and a command economy?

Government control makes a market economy more profitable.
Most consumers prefer government control to a free market system.
Government control of some aspects of the economy has never been successful in the modern world.
Most economies have found they need a mix of free markets and some government control to be successful.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which country has a command economy?

China
Japan
North Korea
South Korea

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Custom and___________ form a ___________ economy.

Habit, Traditional
Tradition, Free Market
Collective Farms, Mixed
Free Markets, Laissez-faire

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

People in a traditional economy will use _________ to obtain goods.

Government
Entrepreneurs
Capitalism
Bartering

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