Emily - P2 C1

Emily - P2 C1

1st - 5th Grade

19 Qs

quiz-placeholder

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Emily - P2 C1

Emily - P2 C1

Assessment

Quiz

Science

1st - 5th Grade

Practice Problem

Easy

Created by

Adam Bacteria

Used 2+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economic system?

The decisions about the allocation of resources are taken through market forces.

The way in which production is organised and choices are made in the economy

Decisions about allocation of resources are taken by the government

Decision about allocation of resources are taken by public and private sectors

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is free market?

Decision about allocation of resources are taken through market forces.

Decision about allocation of resources are taken by state

Decision about allocation of resources are taken by both private and public sector.

The way in which production is organised and choices are made in the economy

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What does it mean by price mechanism in a free market?

Price provide signals and incentive to producer and consumer

Consumer express change in their preference by their decision to buy or not to buy at a given price

This will signal a firm to changes in consumer's demand, given the incentive of profitability

Government have no direct rule

Encourage investment and innovation.

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What do they mean by competition in a free market?

Firms can use resource as they choose.

No single producer can control the price or market supply.

Large number of sellers

Lack of bureaucracy

Inequality of distribution of income

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are not the advantages of a free market?

Low price for consumers

Hiqh quality goods/services

Firms are innovative and effective

Equal distribution of income and wealth

Full employment of resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a planned economy?

Decision about allocation of resources are taken by private or public sectors

Decision about the allocation of resources are taken through market forces

The way in which the factors of production is organised and economic decision are made in the economy

Decision about the allocation resources are taken by the government.

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the characteristics of a planned economy?

Resorces owned by the government

Economic decisions made by government

Price determined by the government

Aim of production is to maximise social welfare

property are privately owned

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