2.03 Economic Systems Test

2.03 Economic Systems Test

9th - 12th Grade

20 Qs

quiz-placeholder

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2.03 Economic Systems Test

2.03 Economic Systems Test

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Keith Simmons

Used 9+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following items is found in all economic systems?

Technology

Subsistence

Participants

Dollars

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most common medium of exchange in modern economic systems is

barter

credit

capital

money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the reasons that a country needs an economic system is because it

is independent of other nations

has a limited supply of resources

has limited wants and needs

has immigrants from several countries

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following types of economic systems adopts the fewest new ideas or improvements?

Command

Market

Socialist command

Traditional

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

traditional

socialist command

market

communist command

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government owns the basic means of production, but there is some private ownership of businesses under

communism

socialism

capitalism

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

market

socialist

traditional

communist

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