Economic Systems Review

Economic Systems Review

9th - 12th Grade

28 Qs

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Economic Systems Review

Economic Systems Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Carter Bott

Used 7+ times

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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.

Traditional to mixed

Command to traditional

Market to mixed

Command to mixed

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

Market exchanges answer all three of the big economic questions

Family customs and traditions determine what and how to produce a good

Government answers all three of the big economic questions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

Pride

Wealth

Profits

Being an employer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

competition

private property rights

voluntary exchange

consumer soverignty

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