Economic Systems Quiz

Economic Systems Quiz

5th - 7th Grade

25 Qs

quiz-placeholder

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Economic Systems Quiz

Economic Systems Quiz

Assessment

Quiz

Social Studies

5th - 7th Grade

Practice Problem

Medium

Created by

Amanda Pack

Used 29+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

An economy in which most of the economic decisions that are made are based

on custom and on the habit of how such decisions were made in the past

Traditional

Command

Market

Mixed

2.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

Government planning groups make the basic economic decisions such as

which goods and services to produce, prices, and wage rates

Traditional

Command

Market

Mixed

3.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

An economy in which changes in prices guide what and how goods and

services will be produced, distributed, and consumed

Traditional

Command

Market

Mixed

4.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

An economic system in which decisions are all made on the basis of customs,

beliefs, religion, and habits

Traditional

Command

Market

Mixed

5.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

Sometimes called Free Enterprise which allows for private ownership of

businesses and property

Traditional

Command

Market

Mixed

6.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

Why are most economies referred to as “mixed economies”?

There are not any traditional economic systems left.

Government planners no longer have complete control over command systems. 

Most countries have aspects of both market and command economies.

Economic poverty is too great in a pure market system.

7.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

The government owns the means of production

Traditional

Command

Market

Mixed

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