Economic Systems and Nations

Economic Systems and Nations

10th Grade

15 Qs

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Economic Systems and Nations

Economic Systems and Nations

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Medium

Created by

Molimali Jacob

Used 2+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three things that a social order needs to figure out in order to have an economic system?

What to produce, how to produce it, and who gets it

Where to produce, when to produce it, and why it is produced

Who to produce for, how much to produce, and when to produce it

Why to produce, where to produce, and who gets it

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a planned economy, who controls the factors of production?

The government

Private individuals

Foreign corporations

Non-profit organizations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Karl Marx, what is the theory of communism summed up in?

Abolition of private property

Equal distribution of wealth

Classless society

Government control of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which countries are often considered socialist?

China, Cuba, and the former Soviet Union

United States, Canada, and Australia

Germany, France, and Italy

Japan, South Korea, and Singapore

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a command economy?

An economy completely controlled by the government

An economy where businesses make all the decisions

An economy with no government intervention

An economy with equal distribution of wealth

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free market economy, who owns the factors of production?

Private individuals

The government

Foreign corporations

Non-profit organizations

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept of the invisible hand in a free market economy?

Individuals and businesses meeting society's needs when they seek their own self-interest

Government control of production and distribution

Equal distribution of wealth among individuals

Central planning of the economy by the government

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