
Economic Systems Quiz
Authored by Landon Bradley
History
12th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is considered the founder of modern economics?
Karl Marx
Adam Smith
Thomas More
Karl Marx
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which book did Adam Smith write?
The Communist Manifesto
Das Kapital
An Inquiry into the Nature and Causes of the Wealth of Nations
Utopia
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What economic system did Adam Smith challenge?
Mercantilism
Socialism
Communism
Capitalism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adam Smith, a nation would be wealthier if it engaged in:
Free trade
Command economy
Traditional economy
Mixed economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the unintended social benefits of an individual's self-interested actions?
Invisible Hand
Voluntary Exchange
Consumer Sovereignty
Specialization
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is based on customs and beliefs handed down from generation to generation?
Traditional economy
Command economy
Market economy
Mixed economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a command economy, who makes all economic decisions?
Consumers
Producers
Government
Private individuals
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