Economic Systems

Economic Systems

5th - 7th Grade

10 Qs

quiz-placeholder

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Economic Systems

Economic Systems

Assessment

Quiz

Social Studies

5th - 7th Grade

Hard

Created by

Shelly Quance

Used 966+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The economic system of communist countries is most closely related to which of the following:

Command

Market

Traditional

Mixed

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT one of the basic questions that all economic systems must answer:

What to produce

How to produce

How much to produce

For whom to produce

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, economic decisions are made by the

Consumers

market

government

producers

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who owns the resources in a command economy?

the government

no one

individuals

private business

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How are goods and services exchanged in a traditional economy?

through prices and wages

through government regulation

through bartering

through shortages and surpluses

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following BEST describes a market system?

The government provides services, such as telephones and television.

A person can start any legal business and charge any price.

The government provides food and housing to all workers.

Businesses are owned by the government.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This is an economic system where people follow the occupation of their ancestors:

Command

Market

Mixed

Traditional

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