Basic Economic Terms

Basic Economic Terms

5th - 8th Grade

25 Qs

quiz-placeholder

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Basic Economic Terms

Basic Economic Terms

Assessment

Quiz

Social Studies

5th - 8th Grade

Medium

Created by

Lisa Montgomery

Used 5+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic system of communist countries is most closely related to which of the following:

Command

Market

Traditional

Mixed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the basic questions that all economic systems must answer:

What to produce

How to produce

How much to produce

For whom to produce

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, economic decisions are made by the

Consumers

market

government

producers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who owns the resources in a command economy?

the government

no one

individuals

private business

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are goods and services exchanged in a traditional economy?

through prices and wages

through government regulation

through bartering

through shortages and surpluses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following BEST describes a market system?

The government provides services, such as telephones and television.

A person can start any legal business and charge any price.

The government provides food and housing to all workers.

Businesses are owned by the government.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is an economic system where people follow the occupation of their ancestors:

Command

Market

Mixed

Traditional

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