Economic Systems

Economic Systems

8th Grade

20 Qs

quiz-placeholder

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Economic Systems

Economic Systems

Assessment

Quiz

Social Studies

8th Grade

Hard

Created by

Jonelle Johnson

Used 30+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An economic system is how a nation organizes _______________.

its economy.

factors of production

supply and demand

politics

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a command economy, who determines the prices of goods and services?

market forces of supply and demand

the central government

independent agencies and regulators

business owners

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which statement best describes the difference between a market economy and a traditional economy?

in a market economy, decisions are based on custom

in a traditional economy, decisions are based solely on supply and demand

in a traditional economy, decisions are based on habit and custom

in a market economy, decisions are based on habit

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Who is primarily responsible for making economic decisions in a market economy?

the central government

big business

market regulators

individuals

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Under which economic system would factors of production most likely be owned by a government?

Market Economy

Command Economy

Traditional Economy

Mixed Economy

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

________ economies are characterized by a hands-off approach to the economy by the government.

Traditional Economy

Command Economy

Market Economy

Mixed Economy

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The United States economy can best be described as what kind of economy?

Traditional Economy

Command Economy

Market Economy

Mixed Economy

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