Unit 3: Global Economic Systems

Unit 3: Global Economic Systems

11th Grade

15 Qs

quiz-placeholder

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Unit 3: Global Economic Systems

Unit 3: Global Economic Systems

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Richard Crist

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15 questions

Show all answers

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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