Review (Goals, Resource Allocation Strategies, Role of Gov)

Review (Goals, Resource Allocation Strategies, Role of Gov)

10th - 12th Grade

40 Qs

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Review (Goals, Resource Allocation Strategies, Role of Gov)

Review (Goals, Resource Allocation Strategies, Role of Gov)

Assessment

Quiz

Social Studies

10th - 12th Grade

Easy

Created by

Wesley Edwards

Used 3+ times

FREE Resource

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the function of the price mechanism in a market economy?

allocating resources and guiding choices

allowing governments to provide price stability

enabling markets to operate fairly

preventing competitors from entering a market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a private market system certain goods and services would not be available unless the government intervened. What does this identify in a private market?

market distribution

market equilibrium

market failure

market structure

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This allocation strategy allows rationing of a resource based on who can afford the price set by the market.

price

majority rule

contest

force

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this strategy, who gets what is determined by what the majority wants

majority rule

contest

force

price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this allocation strategy the resource is distributed to the person who wins.

contest

price

majority rule

force

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When resources are taken by force or threat

force

sharing

lottery

price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a resource is distributed among all of those who need/want it

sharing

majority rule

price

first-come first-served

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