Economic Systems
Quiz
•
Social Studies
•
8th Grade
•
Practice Problem
•
Medium
Erin Taylor
Used 2+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production in an economic system?
Land, labor, capital, and management
Oil reserves, rich farmland, and minerals
Private ownership, individual economic freedom, and competition
Wealth and income redistribution, government control, and shared property
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is based on private ownership and individual economic freedom?
Capitalism
Communism
Socialism
Democracy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of capitalism?
Private owners make decisions about production and pricing
Government interference in business competition
Prices determined by supply and demand
Equal distribution of wealth among all people
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Karl Marx, what is the main problem with capitalism?
Unequal wealth distribution
Lack of private ownership
Government control of the economy
Low prices and high demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most important principle of communism?
No private ownership of property
Free competition and individual economic freedom
Government control of the economy
Equal distribution of wealth through taxation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does socialism differ from communism?
Socialism aims to narrow the gap between the rich and the poor, while communism aims to eliminate it
Socialism believes in violent overthrow of capitalists, while communism believes in peaceful transition
Socialism calls for complete elimination of private property, while communism allows some private ownership
Socialism believes in government control of all means of production, while communism believes in individual economic freedom
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main goal of socialism?
To redistribute wealth and make society fairer
To promote free competition and private ownership
To eliminate the gap between the rich and the poor
To establish government control over the economy
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