
Economic Systems Quiz
Authored by ROBERT JACKSON
Geography
12th Grade
Used 37+ times

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17 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
What is an economic system?
A. A system that determines the type of economic system a society has.
B. An organized way of providing for the wants and needs of their people.
C. A system that determines the type of political system a society has.
D. A system that determines the type of social system a society has.
2.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
What are the three basic economic questions every society must answer?
A. How to produce, for whom to produce, and what to produce.
B. What to produce, how to produce, and when to produce.
C. For whom to produce, how much to produce, and what to produce.
D. What products to produce, where to produce, and how to produce.
3.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
What is a traditional economy?
A. An economy where the government makes most of the economic decisions.
B. An economy where consumers and businesses jointly answer questions of what, how, and for whom to produce.
C. An economy where traditional societies use ritual/habitat/custom to answer what, how, and for whom to produce.
D. An economy where the government and businesses jointly answer questions of what, how, and for whom to produce.
4.
MULTIPLE SELECT QUESTION
1 min • 6 pts
What are the advantages of a traditional economy?
A. Everyone knows which role to play.
B. Little uncertainty exists over what to produce.
C. Little uncertainty exists over how to produce because you do things the same way your parents did.
D. None of the above.
5.
MULTIPLE SELECT QUESTION
1 min • 6 pts
What are the disadvantages of a traditional economy?
A. Tends to discourage new ideas/ways of doing things.
B. Strict roles punish people who act differently/break rules.
C. Lack of progress leads to economic stagnation/lower standard of living.
D. None of the above.
6.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
What is a command economy?
A. An economy where the government makes most of the economic decisions.
B. An economy where consumers and businesses jointly answer questions of what, how, and for whom to produce.
C. An economy where traditional societies use ritual/habitat/custom to answer what, how, and for whom to produce.
D. An economy where the government and businesses jointly answer questions of what, how, and for whom to produce.
7.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Who heads a command economy?
A. A king.
B. A dictator.
C. A president.
D. A prime minister.
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