Economics Review

Economics Review

12th Grade

31 Qs

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Economics Review

Economics Review

Assessment

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History

12th Grade

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Created by

Blaine Reeder

Used 3+ times

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31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A “free enterprise system” is a synonym for which economic system?

Traditional Economy

Communist Economy

Capitalist Economy

Command Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic activity is dominant in a traditional economy?

Agriculture job

Service jobs

Research and development

Manufacturing of goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Computers, trucks, and ovens would be categorized under which factor of production?

Labor

Natural resources

Entrepreneurs

Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production is NOT found in all types of economic systems?

labor

natural resources

entrepreneurs

capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a capitalist society, what is the goal of all business and industry?

To make social changes

To earn a profit

To provide basic needs

To support the government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of a capitalist society?

free competition

people start and own businesses

ability to own private property

guaranteed profits for entrepreneurs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 In which economic system do people barter for goods and services? 

Traditional Economy

Socialist Economy

Capitalist Economy

Communist Economy

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