Economic Systems Flocab Review

Economic Systems Flocab Review

6th - 8th Grade

10 Qs

quiz-placeholder

Similar activities

KS3 - FUN QUIZ TERM 2

KS3 - FUN QUIZ TERM 2

5th - 8th Grade

12 Qs

Reconstruction Era

Reconstruction Era

6th - 8th Grade

10 Qs

Main physical features of South America

Main physical features of South America

7th - 8th Grade

15 Qs

Ancient Egyptian Beliefs and Burial Practices

Ancient Egyptian Beliefs and Burial Practices

7th Grade

10 Qs

Madison's Presidency

Madison's Presidency

8th Grade

10 Qs

General Knowledge (TEST)

General Knowledge (TEST)

KG - 12th Grade

10 Qs

Medieval Monarchs

Medieval Monarchs

6th - 8th Grade

12 Qs

Hawaii people and places

Hawaii people and places

7th Grade

15 Qs

Economic Systems Flocab Review

Economic Systems Flocab Review

Assessment

Quiz

History, Geography

6th - 8th Grade

Practice Problem

Hard

Created by

Mike Glenn

Used 50+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every economic system answers three questions: What is produced? How is it produced?

For whom is it produced?

Why is it being produced?

Should it be produced at all?

How easily can it be produced?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system is a society’s system of production, distribution and consumption of

natural resources

stocks and bonds

goods and services

factors of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who owns factors of production in a command economy?

private citizens

the government

religious institutions

all choices are correct

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: Production is typically based on a quota in a command economy.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a characteristic of a market economy?

Profit is the motivation for most businesses.

Businesses decide what and how much is made.

Supply and demand dictate price and production.

Competition between businesses is discouraged.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If supply is low and demand is high,

prices rise.

prices drop.

prices remain flat.

competition disappears.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In theory, which type of economic system should not experience market fluctuations?

mixed economy

market economy

command economy

all choices are correct

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?