Econ Chapter 2

Econ Chapter 2

12th Grade

22 Qs

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Econ Chapter 2

Econ Chapter 2

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Michael Williams

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an Economic System?

Organized way a society provides for the wants and needs of its people

The system in which economic models are created

The formative structure that lays over the foundation of the stock market

A proposal of Adam Smith's that resources are in fact unlimited

2.

MATCH QUESTION

1 min • 1 pt

Match the following Economic Systems

private citizens own and use the factors of production in order to generate profits

Market System

the government owns some, but not all, of the factors of production/resources

Communism

factors of production are collectively owned and directed by the state; *classless*

Socialism

Allocation of scarce resources, and other economic activity is the result of ritual, habit or custom

Command System

a central authority that makes the major economic decisions

Traditional System

3.

MATCH QUESTION

1 min • 1 pt

The following countries economic systems are best characterized by which market structure?

Cuba

Socialist

France

Market

Inuit Peoples

Traditional

North Korea

Command

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Rapid Economic Growth and no government involvement is an Advantage of what System?

5.

REORDER QUESTION

1 min • 1 pt

Order the Following in rate of Economic Growth

Traditional

Capitalist

Mixed

Command

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Volatile and Risky economies are a disadvantage of which economic systems?

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Simplicity and Everyone knowing their role is an advantage of which market system?

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