Chapter 2

Chapter 2

12th Grade

37 Qs

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Chapter 2

Chapter 2

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Jamie Choffin

Used 8+ times

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37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following in NOT characteristic of a centrally planned economy?

Each collective or factory sets its own goals

The central government makes all economic decisions

The central government owns all land and capital

Each person is assigned a job

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the struggle among various producers for the consumer’s business called?

socialism

competition

incentive

self-regulation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does even a free market economy need some government intervention?

to provide for things that the marketplace does not address

to make sure that the government can fulfill its needs for military personnel

to ensure that the government has the freedom to tax as necessary

so that the government has some control over factor resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a key economic question?

Who consumes these goods and services?

What goods and services should be produced?

How should these goods and services be produced?

How should it be ensured that goods and services are paid for?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the process of specialization do for an economy?

It eliminates unemployment.

It fosters competition.

It makes it more efficient.

It makes it easier to control.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How could the Chinese economy be characterized?

centrally planned

mixed, but on the side of centrally planned

free market

mixed, but on the side of free market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the most important advantages of a free market?

It can change rapidly.

It is easy to regulate.

It protects the less fortunate.

It encourages growth.

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