
Economics Unit 2 Test
Quiz
•
Life Skills
•
11th Grade
•
Practice Problem
•
Easy
PHILIP JABOUR
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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Be able to identify and describe the following Economic Systems
- Traditional Economy
- Command Economy
- (Free) Market Economy
- Socialism
- Capitalism
- Communism
- Mixed Market Economy
- Economic Freedom
- Economic Growth
- Economic Efficiency
- Economic Equity
- Economic Security
- Economic Stability
- Specialization
- Economic Interdependence
- Absolute Advantage
- Comparative Advantage
- Circular Flow of Money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Be able to identify the Six Economic Goals and their objectives
- Economic Freedom
- Economic Growth
- Economic Efficiency
- Economic Equity
- Economic Security
- Economic Stability
- Specialization
- Economic Interdependence
- Absolute Advantage
- Comparative Advantage
- Circular Flow of Money
- Traditional Economy
- Command Economy
- (Free) Market Economy
- Socialism
- Capitalism
- Communism
- Mixed Market Economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Understand and be able to apply the following economic terms:
- Economic Freedom
- Economic Growth
- Economic Efficiency
- Economic Equity
- Economic Security
- Economic Stability
- Specialization
- Economic Interdependence
- Absolute Advantage
- Comparative Advantage
- Circular Flow of Money
- Traditional Economy
- Command Economy
- (Free) Market Economy
- Socialism
- Capitalism
- Communism
- Mixed Market Economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What goes in the Yellow Box?
Households sell the factors of Production, [Land, Labor and Capital.]
Households pay for goods and services.
Firms sell goods and services
Firms pay for the factors of Production.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What goes in the red box?
Households sell the factors of production [land, labor, and capital]
Firms pay for the factors of Production.
Firms sell goods and Services
Households pay for goods and services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What goes in the Blue box?
Firms sell goods and services
Firms pay for the factors of Production.
Households pay for goods and services
Households sell the factors of Production [land, labor, and capital]
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the title of the diagram in general?
(What goes in the Black Box?)
Product Market
Factor Market
Circular flow Market of a Market Economy
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