Economic Systems

Economic Systems

11th Grade

10 Qs

quiz-placeholder

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Economic Systems

Economic Systems

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11th Grade

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Created by

Thomas Murdolo

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main characteristic of a free market capitalist economy?

Absence of government intervention

Government control and regulation.

Limited competition.

Equal distribution of wealth.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who makes the decisions regarding production and distribution?

Consumers and market forces

Government or central authority

Workers and labor unions

Private businesses and corporations

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system allows for private ownership of resources and businesses?

socialism

communism

feudalism

capitalism

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the role of government in a free market capitalist economy?

The role of government is to control and regulate all aspects of the economy.

The role of government is to provide financial support and subsidies to businesses.

The role of government is to provide a legal framework, enforce property rights, regulate contracts, protect consumers and workers, and maintain competition.

The role of government is to determine prices and allocate resources in the market.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary goal of a command economy?

Free market competition and individual decision-making.

Government control and direction of economic activities

Equal distribution of wealth and resources.

Private ownership and profit maximization.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system relies on supply and demand to determine prices?

planned economy

market economy

mixed economy

command economy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who determines the allocation of resources?

businesses

market forces

individuals

government

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