Unit 3: Global Economic Systems
Authored by Richard Crist
Social Studies
11th Grade
Used 109+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following definitions best describes an economic system?
The intersection of supply and demand.
The way a government structures an economy.
The structure of methods and rules that a society uses to produce and distribute goods and services.
The rules and methods that economists use to analyze an economy.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not one of the key economic questions that economies are trying to answer?
What goods and services should be produced?
How should goods and services be produced?
Who should consume these goods and services?
Where should goods and services be produced?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the traditional economic system revolve around?
Shared nationality
Free market exchange
City life
The family unit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a free market, what two concepts come together to self-regulate the market?
Competition and self-interest
Competition and Sovereignty
Self-Interest and Profit
Self-Interest and Specialization
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States is an example of which type of economic system?
Command economy
Traditional economy
Free market economy
Mixed economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a free market economy, who owns the factors of production?
The government
Individuals and privately owned businesses
Large corporations
Foreign firms
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who owns the factors of production in a command economy?
Individuals and privately owned businesses
Large corporations
The government
Foreign firms
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