
Economic Systems
Quiz
•
Social Studies
•
12th Grade
•
Hard
Erik Jesus
Used 1+ times
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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Who benefits from the free market economy?
consumers and producers
people living in poverty
wealthy entrepreneurs
the federal government
2.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
This photograph represents the type and scale of economic activity that is typical of a
specialized economy.
traditional economy.
centrally planned economy.
free market economy.
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
What does this graphic suggest about economic equity in American society since 1976?
Equity has remained stable over time.
Equity has steadily decreased over time.
Equity was achieved in the early 2000s.
Equity has steadily increased over time.
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Select the phrase that Adam Smith used to summarize the self-regulating device of the marketplace.
Invisible Hand
Own Gain
Annual Revenue
Promote An End
5.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Which of the following is a function of firms in the market economy?
They ensure that the monetary flow is greater than the physical flow.
They supply households with land, labor, and capital.
They convert land, labor, and capital into goods and services.
They consume the goods and services that households produce.
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
"Competition encourages entrepreneurs to find new ways of producing goods and services."
This statement MOST CLOSELY relates to which of the advantages shown in the concept web?
efficient response to changing marketplace conditions
freedom of choice for consumers and producers
variety of goods and services
growth and innovation
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In a society with a command economy, who answers the basic economic questions?
a military commission
producers in markets
consumers in markets
a central government
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