Economics Chapter 1-3

Economics Chapter 1-3

12th Grade

25 Qs

quiz-placeholder

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Economics Chapter 1-3

Economics Chapter 1-3

Assessment

Quiz

Other, Social Studies

12th Grade

Easy

Created by

Justin Polly

Used 25+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key factor in determining the type of economy a country has?
public and private sector
what will be produced, how it will be produced, and for whom it will be produced
the availability of resources and demand
the extent of government involvement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some characteristics of a free market economy?
lack of choice, competition
individual choice, centrally-planned

competition, consumer freedom

central ownership of property, profit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name a country that has a command economy.
United States
Great Britain
Germany
N. Korea

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy has a private and public sector, the characteristics of a free market, and is the most common economic system today?
Free Market Economy
Mixed Economy
Command Economy
Traditional Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy does the USA have?
Mixed
Free Market
Command
Traditional

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What happens in the product market? 
Income is received for supplying land, labor, or capital.
Governments collect taxes from firms and consumers.
Firms purchase the factors of production from households.
Households purchase the goods and services that firms produce.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is...

studying people and choices

studying trees, bushes, and other plants.

studying animals and wildlife.

studying food, and how food is made.

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