Chapter 1 and 2

Chapter 1 and 2

12th Grade

11 Qs

quiz-placeholder

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Chapter 1 and 2

Chapter 1 and 2

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

James Barber

Used 3+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an economy where economic decisions are passed down from government authority and where the government owns the resources

command economy

Traditional Economy

Free Market Economy

Capitalist Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Typically an agricultural economy where things are done the same as they have always been done

Command Economy

traditional economy

Capitalist Economy

Free Market Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an economy where economic decisions are decentralized, private individuals own resources, and businesses supply goods and services based on demand

Traditional Economy

Market Economy

Command Economy

Communist Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when workers or firms focus on particular tasks for which they are well-suited within the overall production process

division of labor

scarcity

globalization

specialization

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when the average cost of producing each individual unit declines as total output increases

globalization

macroeconomics

fiscal policy

economies of scale

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

he branch of economics that focuses on actions of particular agents within the economy, likehouseholds, workers, and business firms

specialization

macroeconomics

microeconomics

economies of scale

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when the mix of goods produced represents the mix that society most desires

budget constraint

opportunity cost

productive efficiency

allocative efficiency

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