
Econ CH2
Authored by Kimberly A Van Horn
Social Studies
12th Grade
20 Questions
Used 5+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following states an advantage of a traditional economy?
Property rights are based on tradition.
Creativity and original thought are rewarded.
Everyone knows exactly what their function is.
There's no bureaucracy to interfere with organizing the economy.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of a market economy?
It sustains a high degree of uncertainty.
It restricts personal freedom.
It discourages creativity and new ideas for doing things.
It does not allocate resources as efficiently as other types of economies.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the principle of “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?
Socialist economies tend to collapse when they become too large.
The marketplaces in a socialist economy are free for anyone to enter.
Socialist policies offer advantages to the wealthy at the expense of those less well-off.
Socialist economies tend to offer extensive government services but have high tax rates.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What kind of economy offers uniformity in wages regardless of individual productivity?
all economies
traditional economies
command and socialist economies
market and free-enterprise economies
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________ economies are the oldest economic systems in place.
Traditional
Command
Market
Specialization
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a traditional economic system, __________ is inherited.
jewelry
livestock
furniture
land
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Traditional economies rely heavily on __________ to meet the needs of citizens.
farming and agriculture
farming and manufacturing
manufacturing and agriculture
agriculture and services
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