Types of Economies

Types of Economies

7th Grade

24 Qs

quiz-placeholder

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Types of Economies

Types of Economies

Assessment

Quiz

History

7th Grade

Hard

Created by

Jose Alvarez

Used 15+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What countries have a Command Economy?

Iceland, Sweden, France, Australia

United States, Russia, Africa, Haiti

India, United Kingdom, Brazil

North Korea, Cuba, Soviet Union, China, Vietnam

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A large part of a command economic system is controlled by:

a centralized power; federal government

No one. It's an economy based off of individual freedom

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

The main strength of a command economy is that it can change direction drastically in a relatively short time:

False

True

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

How does competition work?

companies compete with other companies to sell their goods at the best price

when buyers compete with other companies to buy goods at the best price

when you find out the snap chat is bad for you

when you find out that Facebook is bad for you it will hit you right on the noggin

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What are the advantages of a Free Market Economy?

total government control

King of Arlingmore has complete control over the Kenmore economy

innovation, freedom of production, and competition (good for consumers)

the economy is free to regulate itself and monopolies control businesses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Make Life easier or more pleasant

Needs

Wants

Factors of Production

Scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods

are intangible (you cannot touch them)

make life easier

are necessary for survival

are tangible (you can touch them)

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