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Economic Systems Quiz

Authored by Chashah Israel

Social Studies

8th Grade

Used 2+ times

Economic Systems Quiz
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15 questions

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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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