Economic Systems Quiz

Economic Systems Quiz

12th Grade

10 Qs

quiz-placeholder

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Economic Systems Quiz

Economic Systems Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Patrick Baker

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how individuals, businesses, and nations make things, buy things, spend money, and save money called?

Sociology

Economics

Anthropology

Psychology

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic problem of economics?

Scarcity

Abundance

Inflation

Unemployment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, how are economic decisions made?

By government planners

By supply and demand

By tradition and custom

By private businesses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free enterprise economy, how are prices determined?

By government planners

By tradition and custom

By supply and demand

By private businesses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a communist economy, who owns and operates all businesses?

Private individuals

Government

Workers' cooperatives

Foreign investors

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a socialist economy, who owns and operates many basic industries?

Private individuals

Government

Workers' cooperatives

Foreign investors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main goal of communism?

To achieve a classless society

To maximize profits

To promote individual freedom

To protect workers' rights

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