Econ Ch 2 Economic Systems

Econ Ch 2 Economic Systems

11th - 12th Grade

30 Qs

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Assessment

Quiz

Social Studies

11th - 12th Grade

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Created by

Cheri Peterson

Used 19+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following was a free market philosopher?

Karl Marx

Adam Smith

Vladimir Lenin

Friedrich Engels

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

It can change rapidly

It protects the less fortunate

It is easy to regulate

It encourages growth

3.

MULTIPLE CHOICE QUESTION

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

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

so that the government has some control over factor resources

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What incentive motivates a manufacturer to sell a product?

making profits on sales

putting others out of business

pleasing the consumer

popularity of the product

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How could the Chinese economy be characterized?

free market

centrally planned

mixed, but on the side of centrally planned

mixed, but on the side of free market

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

The central government owns all land and capital

The central government makes all economic decisions

Each collective or factory sets its own goals

Each person is assigned a job

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

socialism

competition

incentive

self regulation

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