Market Economy Quiz

Market Economy Quiz

10th Grade

18 Qs

quiz-placeholder

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Market Economy Quiz

Market Economy Quiz

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Medium

Created by

Patrick Creech

Used 171+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, who answers the 3 economic questions?

Buyers and sellers

The government

Traditions and customs

Your mom

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A(n) ____ is a method a society uses to answer the 3 economic questions.

Economic System

Market Structure

Type of Government

Planning Board

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___ basically invented modern economics with his book The Wealth of Nations.

Adam Smith

Karl Marx

Frederich Engels

Gouverneur Morris

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that buyers and sellers willingly enter into economic transactions.

Voluntary Exchange

Rational Choice

Consumer Sovereignty

Free Enterprise

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that individuals can be trusted to make decisions that best benefit themselves.

Voluntary Exchange

Rational Choice

Consumer Sovereignty

Free Enterprise

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that ultimately, decisions in a market economy will be based on what individuals buy.

Voluntary Exchange

Rational Choice

Consumer Sovereignty

Free Enterprise

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic model in which businesses operate free from government control.

Voluntary Exchange

Rational Choice

Consumer Sovereignty

Free Enterprise

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