Economic Systems Test Review

Economic Systems Test Review

12th Grade

•

40 Qs

quiz-placeholder

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 Economic Systems Test Review

Economic Systems Test Review

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Matt Duggin

Used 22+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system is best defined as a(n)

organized method of allocating scarce resources.
way to determine opportunity cost.
visual depiction of the tradeoffs incurred by society.
organized way to fund educational endeavors.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following are considered the three economic questions?

What goods and services should be produced?
How should these goods and services be produced?
Who should these goods and services be produced for?
Why should we produce goods and services?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economy relies on the way things have always been done, custom and rituals dictate a person's role in society.

traditional
market
command
mixed

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are based on the voluntary exchange of households and firms in this type of economic system

traditional
market
command
mixed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Like the United States, this system is based on market principles, but accepts the role of government in a limited role.

mixed
traditional
market
command

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this type of system, the economic questions are based upon central planners in government.

traditional
command
market
mixed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following would be countries that at one time operated on a command style system EXCEPT

North Korea
Soviet Union
Cuba
United States

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