
Economic Systems and Nations
Authored by Molimali Jacob
Social Studies
10th Grade
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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