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Economics Vocabulary Quiz #1

Authored by Robert Freshour

Geography

6th Grade

Economics Vocabulary Quiz #1
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is not one of the THREE basic economic questions?

What to produce?
How to procduce?
How much will it cost?
For whom to produce?

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a system of trade where goods and services are exchanged fore other goods and services and no MONEY is exchanged?

Wage
command economy
subsistence
barter

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A form of economy where the government decided what goods will be produced, how they will be produced, and how they will be distributed?

Traditional
Mixed
Command
Market

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economy does every country in the world have in place to some degree or extent?

Command
Market
Mixed
Traditional

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economy is based on individual choices and voluntary trade? Competition is important here 

Traditional
Command
Market
Mixed

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The creation, maintenance, and expansion of businesses outside the control or influence of the government.

Traditional

free enterprise

economic continuum

command

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This type of economy allows social roles and customs to determine how goods are made, bought, and sold.

Supply/demand
Market
Traditional
Command

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