Economic System

Economic System

10th Grade

20 Qs

quiz-placeholder

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Economic System

Economic System

Assessment

Quiz

Business

10th Grade

Practice Problem

Medium

Created by

Vivian Ma

Used 61+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An economic system in which business are allowed to produce any goods and services they wish is referred to as ...

A centrally planned economy

A pure market capitalist economy

A mixed market capitalist economy

A socialist economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as ...

Competition

Factors of production

Consumer goods

Free enterprise

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The items that consumers buy are called ...

Private property

Factors of production

Producer goods

Consumer goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Things that are needed to produce goods and services are called ...

Efficient use of resources

Factors of production / resources

Economic systems

Private property

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system in which private property is almost totally restricted is called ...

A mixed economy

Competition

Free enterprise

A planned socialist economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system that has some government restrictions on the actions of individuals and businesses is called ...

A mixed market capitalist economy

Factors of production

A centrally planned economy

Free enterprise

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods that are used to produce other goods are called ...

Consumer goods

Private property

Producer goods

Competition

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