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Chapter 2: Economic Systems

Authored by Warren Kirkland

Social Studies

12th Grade

Used 37+ times

Chapter 2: Economic Systems
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this market, businesses buy resources they need to produce goods and services.

Resource market
stores
product market
 businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the circular flow model, the product market describes _____.

stores that sell goods and services to households

the government paying for public goods

households selling their labor to businesses

households receive income from businesses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do businesses provide for consumers according to the circular flow model?

goods and services
only goods
only services
taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economic system has a high degree of uncertainty

Traditional
Market
Command
Mixed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economic system often experiences a lower standard of living.

Traditional
Market
Command
Mixed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profit does not have great importance in deciding what to produce in this economic system

Mixed

Market

Command

Mixed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalism flourishes here in this economic system.

Traditional
Market
Command
Mixed

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