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Economics Review

Authored by Tangee Kizer

7th - 8th Grade

Used 15+ times

Economics Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do mixed economy and market economy have in common?

Competition in the marketplace

Big gap between the wealthy and the poor

Equal standard of living for all

Government control of the marketplace

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an ADVANTAGE of a market economy compared with a traditional economy?

In a market economy, economic decisions are made the way they have always been made.

In a market economy, innovation and competition in the marketplace are encouraged.

In a market economy, the government decides what is produced.

In a market economy, there is an equal standard of living for everyone.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a DISADVANTAGE of a market economy compared with a command economy?

Market economies do not offer much competition for consumers.

Market economies provide an equal standard of living for everyone.

Market economies create a huge gap between the wealthy and the poor.

The government sets prices in a market economy.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do China's economy and France's economy have in common?

Both have a strong central government that controls businesses.

Both allow the market to distribute wealth.

Both have limited government control over business.

Both rely on the consumer to guide and make production decisions.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compare the way economic decisions are made in an Amish community with the way they are made in Cuba?

Individuals and government make the decisions in an Amish community.

Individuals make the decisions in Cuba>

Tradition dictates how decisions are made in Cuba.

Tradition dictates how decisions are made in an Amish community.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compare the way economics decisions are made in the United States with the way they are made in China?

Individuals and government make the decisions in China.

Individuals and government make the decisions in the United States.

The government makes all the decisions in the United States

Tradition dictates how decisions are made in China.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a DISADVANTAGE of a traditional economy compared to the other types of economic systems?

Competition guides the production decisions.

Decisions are centered toward the family.

Government takes care of the people's needs.

State-of-the-art technology is not used.

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