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Economic Systems Quiz

Authored by Gregory Gravis

Social Studies

6th - 8th Grade

Used 2+ times

Economic Systems Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is based on customs, traditions, and beliefs?

Command economy

Capitalist economy

Mixed economy

Traditional economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government make all the economic decisions?

Traditional economy

Market economy

Command economy

Mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system allows individuals and businesses to make their own economic decisions?

Traditional economy

Market economy

Mixed economy

Command economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system combines elements of both command and market systems?

Socialist economic system

Planned economic system

Free market system

Mixed economic system

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economic system, how are resources allocated?

Based on random selection

Based on government regulations

Based on customs, traditions, and beliefs

Based on individual preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economic system, who makes the economic decisions?

Individuals and private companies

Foreign governments

Random selection of citizens

The government or a central authority

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economic system, how are prices determined?

By government regulations

By random chance

By the cost of production

By the interaction of supply and demand

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Google

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Microsoft

Microsoft

Apple

Apple

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