Chapter 2 Economic Systems

Chapter 2 Economic Systems

5th Grade

46 Qs

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Chapter 2 Economic Systems

Chapter 2 Economic Systems

Assessment

Quiz

Social Studies

5th Grade

Medium

Created by

Jac Lemieux

Used 9+ times

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46 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A social and political philosophy based on the belief that democratic means should be used to distribute wealth throughout society is called

communism
collectivism
socialism
authoritarianism

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The self-regulating nature of the marketplace is called

self-interest
the invisible hand
equity
competition

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The former Soviet Union was an example of a communist country where

individual freedom was allowed
free enterprise was encouraged
consumers had many choices
most economic and political power was controlled by the government

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The circular flow model of a mixed economy shows

only how firms and households interact
the physical flow and monetary flow between households and firms in both the product and factor markets
how government interacts with households and firms in the product and factor markets
how taxes and profits are related

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The government decides which goods and services will be produced in a

market economy
mixed economy
fluctuating economy
command economy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In return for supplying the factors of production-land, labor, or capital-people recieve

salaries
factor payments
workers' compensation
social security

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is a key economic question faced by all countries?

How big should the army be?
How much money should be raised in taxes?
How may schools should be built?
How should goods and services be produced.

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