Econ Market Systems

Econ Market Systems

12th Grade

36 Qs

quiz-placeholder

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Econ Market Systems

Econ Market Systems

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

John Terrell

Used 15+ times

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalism is a competitive economic system in which private citizens own the factors of production.

true

false

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Voluntary exchange is a characteristic of command economies.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The profit motive states that the consumer decides WHAT goods and services to produce.

False

True

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The entrepreneur organizes land, capital, and labor for production in hopes of earning a profit.

False

True

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has a modified private enterprise economy.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of government in a command economy is to

encourage entrepreneurs.


ensure the availability of consumer products.


make major economic decisions.


promote economic freedom.


7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a market economy is

North Korea

United States

Former Soviet Union

Inuit

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