ECO 101 Quiz 1
Authored by Minelyn Cochingco
Business
University
Used 10+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The economic system in which production decisions are made according to customs and traditions.
Traditional Economic System
Command Economy
Market System
Mixed Economy
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The system that works under the principle that the interests of society should prevail over that of the individual
Traditional Economic System
Command Economy
Market System
Mixed Economy
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The system in which market prices serve as a signal to the producers about what goods to produce and how much of these goods should be produced.
Traditional Economy System
Command Economy
Market System
Mixed Economy
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Under this system, economic problems are addressed predominantly through the price mechanism and modified through government intervention.
Traditional Economic System
Command Economy
Market System
Mixed Economy
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
An economy where individuals exercise free enterprise.
Traditional Economic System
Command Economy
Market System
Mixed Economy
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It is considered a basic consuming unit.
Firm
Household
Resource
Mixed Economy
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It includes water, forests, minerals, and animals.
Land
Labor
Resource Owners
None of the above
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
