Chapter 2 Economic Systems

Chapter 2 Economic Systems

Assessment

Quiz

Social Studies

12th Grade

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Created by

Chance Cotton

Used 7+ times

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35 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The United States economy is a mixed economy

based on a free market, but allowing some government intervention.

based on a traditional economy, but allowing some government intervention

based on a centrally planned economy, but limiting government intervention.

based on a free market, allowing no governmental intervention.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which U.S. economic and social goal is missing from other diagram above?

economic interdependence

economic growth

minimum wage

No answer text provided.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The ways in which factors of production are combined determines the answer to all of these economic questions, except which one?

What will be produced?

How can we provide a safety net?

How will goods and services be produced?

Who will consume the goods?

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does a circular flow of a market economy show?

how households and firms exchange money, resources and products.

how households choose the goods and services they buy.

how households and firms need the same resources at the same time.

how firms control employee wages and salaries.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is a positive externality of a new high school?

more traffic on the roads.

student purchases at nearby stores

a rise in property taxes

more noise in the neighborhood

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The economic value of economic freedom primarily concerns which of the following?

Reducing waste

Choice in the economy

A safety net

Fairness for everyone

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Protection from layoffs, illnesses, injuries, or disabilities falls under the goal of

Economic equity

Economic efficiency

Economic growth

Economic security

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