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Economic Systems Vocabulary Quiz

Authored by Jakendria Johnson

Social Studies

7th Grade

Used 14+ times

Economic Systems Vocabulary Quiz
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where consumers and producers answer the economic questions and prices are set by supply and demand.

traditional economy

market economy

command economy

mixed economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where decisions made are based on the past (rarely found today).

market economy

command economy

mixed economy

traditional economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where government planners determine production and price for goods.

market economy

command economy

traditional economy

mixed economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Almost all economies are described as this, based on where they fall on the economic continuum.

market economy

command economy

traditional economy

mixed economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Necessary for trade between countries, must be exchanged to even value.

GDP

currency

quota

tariff

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Setting a limit of how much of a good can be imported into a country.

quota

currency

embargo

trade barrier

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The percentage of people who are able to read and write in a country.

standard of living

human capital

literacy rate

tariff

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