World Economic Systems

World Economic Systems

9th - 12th Grade

20 Qs

quiz-placeholder

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World Economic Systems

World Economic Systems

Assessment

Quiz

Geography

9th - 12th Grade

Medium

Created by

April Zendejas

Used 28+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of these is NOT an economic system?

Traditional

Free Enterprise

Communist

Dictatorship

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Custom and tradition determine what should be produced, how it should be produced, and for whom in a __________ economy

Communist

Socialist

Traditional

Free Enterprise

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a Traditional Economy?

Highly controlled by the government and the people have no say so

Mildly controlled by the government and allows private ownership of businesses

Not controlled by the government and is passed down from generation to generation

Not controlled by the government but has an interaction between consumers and producers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

T or F. Goods and services are produced to meet the needs of the members of the family or tribe when it comes to a traditional economy.

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a Traditional Economy what are the two major productions?

Commercial Agriculture/Commercial Industries

Subsistence Agriculture/Cottage Industries

Supply/Demand

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is a Free Enterprise system?

The interaction between consumers and producers

All decisions of production and distribution are made by the Government

Customs and beliefs are handed down from generations to another

Private ownership of businesses

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

T or F. The interaction of supply and demand determines prices in a free market economy. When demand is high, the price goes up. If the supply is high but demand is low, the price goes down.

True

False

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