
Economic Systems Quiz
Authored by L Forese
Social Studies
9th - 12th Grade

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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the structure of methods and principles that a society uses to produce and distribute goods and services?
Political system
Social system
Economic system
Government system
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is known for the doctrine of Laissez Faire, which advocates for a 'hands off' policy in the marketplace?
Milton Friedman
John Maynard Keynes
Adam Smith
Karl Marx
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system relies on habit, custom, or ritual to decide the three key economic questions?
Traditional economy
Mixed economy
Command economy
Market economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an advantage of a traditional economy?
Everyone knows their role
Encourages new ideas and new ways of doing things
Encourages breaking tradition
High standard of living
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which country is an example of a command economy where everything, including media and tourism, is owned by the government?
China
United States
Russia
North Korea
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a disadvantage of a command economy?
Decentralized decision making
Allows most citizens goods and services that they may not have been able to afford
Rewards only productive resources; does not provide for people too old, or too sick to work
High degree of consumer satisfaction
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is primarily based on supply and demand decisions made in the best interests of individuals?
Mixed economy
Traditional economy
Command economy
Market economy
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