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Economic Systems

Authored by Phillip Hollingshead

Social Studies

12th Grade

Used 2+ times

Economic Systems
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.

Traditional to mixed

Command to traditional

Market to mixed

Command to mixed

4.

MULTIPLE CHOICE QUESTION

30 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

5.

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, what most strongly affects the price and quality of goods and services?

tariffs

competition as well as supply and demand

trade barriers

government control

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

What to produce, why to produce, when to produce?

What is your opportunity cost, what economic resources are needed, why should these resources be used?

What is produced, how is it produced, and for whom is it produced?

What is your opportunity cost, why are economic resources needed, when should these resources be used?

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