Economic Systems and Concepts

Economic Systems and Concepts

9th - 12th Grade

10 Qs

quiz-placeholder

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Economic Systems and Concepts

Economic Systems and Concepts

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

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El Jefe

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The governor of Maryland chose to cut spending on road construction in order to increase spending for school construction.

Which economic principle is best demonstrated by this decision?

Benefit

Opportunity Cost

Scarcity

Command

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1) A company focuses on building things that benefit the wealthiest in the country.

Which basic economic question is being directly addressed by this decision?

How to produce?

What to produce?

For whom to produce?

When to produce?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1) Fidel Castro orders that all factories must start producing military weapons instead of normal appliances and cars.

Which economic system is being followed?

Market

Mixed

Traditional

Command

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Newfoundland voted on whether to continue importing oil or switch to solar power in order to power its shipbuilding industry.

What basic economic question did Newfoundland answer?

What to produce?

How to produce?

For whom to produce?

When to produce?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an advantage of a mixed economy?

Government ensures businesses act fairly

Government gives tax cuts to small businsses

Government help protects customers

Government enforces strict rules and regulation on businesses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Families grow their own vegetables and raise their own animals or hunt to get meat.

What economic system does this represent?

Command

Market

Mixed

Traditional

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is not enough of an item to satisfy all wants and needs of a society, this is known as what?

Benefit

Opportunity Cost

Scarcity

Choices

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