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Economics Ch.1-3 Review

Authored by Kara Shaffer

Social Studies

11th - 12th Grade

Used 8+ times

Economics Ch.1-3 Review
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who or what answers the basic economic questions in a mixed economy?

Individuals and Businesses
Government
Custom
Individuals, Businesses, and Government

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who or what answers the basic economic questions in a traditional economy?

Individuals and Businesses
Government
Custom
Individuals, Businesses, and Government

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy do most countries in the world have?

Market economy
Command economy
Traditional economy
Mixed economy

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Of the three major economic questions, which of the following is the best example of a "What?" question? 

Should automobiles be produced using workers or robots? 
Should higher-income or lower-income people buy SUVs?
Should we make faster microprocessors or pest-resistant corn? 
Should migrant workers or domestic workers be used to pick grapes?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 

what
how
for whom
where

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

Market exchanges answer all three of the big economic questions

Family customs and traditions determine what and how to produce a good

Government answers all three of the big economic questions

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

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