Unit 3 Test Review

Unit 3 Test Review

9th Grade

34 Qs

quiz-placeholder

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Unit 3 Test Review

Unit 3 Test Review

Assessment

Quiz

History

9th Grade

Hard

Created by

Denise-Marie Copeland

Used 4+ times

FREE Resource

34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following economic systems is characterized by private ownership of businesses and resources, with prices determined by supply and demand?

Communism

Capitalism

Socialism

Answer explanation

The economic system characterized by private ownership of businesses and resources, with prices determined by supply and demand is Capitalism. In contrast, Communism involves collective ownership and Socialism involves both private and public ownership with government intervention in the economy.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, prices are primarily determined by:

Government authorities

Supply and demand

Central planning committees

Collective decision-making

Answer explanation

In a market economy, prices are not determined by government authorities, central planning committees, or collective decision-making. Instead, they are primarily determined by the forces of supply and demand. When demand for a product or service increases, the price tends to rise. Conversely, when supply of a product or service increases, the price tends to fall. This is why 'Supply and demand' is the correct answer.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by government ownership of resources and central planning?

Market economy

Command economy

Answer explanation

A command economy is characterized by government ownership of resources and central planning. In this economic system, the government makes all decisions about what to produce, how to produce it, and for whom. This is in contrast to a market economy, where these decisions are made by individual producers and consumers.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system emphasizes collective ownership of resources and aims for equality among individuals?

Market economy

Capitalism

Socialism

Answer explanation

The economic system that emphasizes collective ownership of resources and aims for equality among individuals is Socialism. Unlike Market economy and Capitalism, which prioritize individual ownership and profit, Socialism focuses on equal distribution of resources and wealth among the population.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept of scarcity in economics refers to:

An excess of resources and goods

A surplus of money in the economy

The limited availability of resources relative to unlimited wants and needs

The absence of government intervention in the economy

Answer explanation

Scarcity in economics refers to the limited availability of resources in comparison to unlimited wants and needs. This concept is fundamental to economics as it underpins the notion of choice and the need for decision-making in resource allocation. The other options do not accurately define the concept of scarcity in economics.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy is characterized by government control over all economic activities?

Market economy

Command economy

Mixed economy

Traditional economy

Answer explanation

A command economy is characterized by government control over all economic activities. In this type of economy, the government makes all decisions regarding the production and distribution of goods and services. This is in contrast to a market economy, where these decisions are made by individual producers and consumers, or a mixed economy, which combines elements of both. A traditional economy is based on customs and beliefs, not government control.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a mixed economy, which of the following is true?

The government has complete control over all economic activities.

Prices and production levels are solely determined by consumers.

Both the government and private individuals play a role in economic decision-making.

Resources are allocated based on supply and demand.

Answer explanation

In a mixed economy, both the government and private individuals play a role in economic decision-making. This is because a mixed economy is a blend of free market and command economy systems. Therefore, while the government may regulate certain industries, private individuals also have the freedom to make economic decisions.

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