
Economic Systems Quiz

Quiz
•
Social Studies
•
8th Grade
•
Hard
Chashah Israel
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four main factors of production?
Land, labor, capital, and entrepreneurship
Supply, demand, profit, and loss
Scarcity, resources, wants, and needs
Primary, secondary, tertiary, and quaternary
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic problem that all societies face according to economists?
Unlimited resources and limited wants
Limited resources and unlimited wants
Equal distribution of resources
Lack of economic systems
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is based on private ownership, free trade, and competition?
Traditional economy
Market economy
Command economy
Socialist economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main advantage of the free enterprise system?
Equal distribution of wealth
Government control over the economy
Ability to make a profit
Limited individual freedoms
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three basic types of economic systems?
Traditional, market, and command
Primary, secondary, and tertiary
Developed, developing, and communist
Capitalist, socialist, and communist
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is an economic indicator used to measure a country's wealth?
Gross Domestic Product (GDP)
Per capita GDP
Life expectancy
Literacy rate
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which level of industry involves the research and distribution of information?
Primary industry
Secondary industry
Tertiary industry
Quaternary industry
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