Quiz #3: Economic Systems & Market Structures Quiz Retake

Quiz #3: Economic Systems & Market Structures Quiz Retake

12th Grade

5 Qs

quiz-placeholder

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Quiz #3: Economic Systems & Market Structures Quiz Retake

Quiz #3: Economic Systems & Market Structures Quiz Retake

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Anthony Rivera

Used 24+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Which of the basic economic systems allow producers and consumers to control most aspects of the economy?

Market

Command

Mixed

Traditional

2.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Which of the following is the correct definition of a mixed economy?

the least popular type of economy

an economy totally controlled by the government

an economy that has elements of both a command and market economy

the economic system that only a select few countries in the world have

3.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Let's say a zombie apocalypse breaks out. Which of the following would be considered a command solution?

the government deploys the military to destroy the zombies

a private company deploys a militia to destroy the zombies

a business comes up with the vaccinne for the zombie virus

private contractors come up with a task force to address the crisis

4.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The game of monopoly mirrors real life monopolies because players buy up properties until they are the sole owner of those properties; real life monopolies make it to where they are the only firm participating in the market. Which of the following is another feature of real life monopolies?

Has the most competition

Complete control over price

Lowest barriers to entry

Firms need to differentiate their products

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

How many firms are involved in a monopolistic competition?

1

2 - 4

15 - 20

More than 20