Economic Systems Quiz

Economic Systems Quiz

12th Grade

9 Qs

quiz-placeholder

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Economic Systems Quiz

Economic Systems Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Amanda Campbell

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 basic economic questions that every economy must answer?

What goods and services should be produced? How should these goods and services be produced? Who gets these goods and services?

How should the government regulate the economy? How can individuals make their own economic decisions? What are the economic goals of the nation?

What are the 6 major goals for economies? What is the role of the government in the economy? How do individuals participate in the economy?

What is the economic system of the nation? How does the economy prioritize its goals? What are the economic challenges faced by the nation?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a goal of a traditional economy?

Economic security

Economic freedom

Economic efficiency

Economic stability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a command economy?

An economy where all economic decisions are made by individuals and businesses

An economy where economic decisions are made by the government

An economy where economic decisions are made by tradition and customs

An economy where economic decisions are made by the ruling class

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a market economy?

Economic decisions are made by the government

Economic decisions are made by tradition and customs

Economic decisions are made by individuals and businesses

Economic decisions are made by the ruling class

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mixed economy?

An economy where economic decisions are made by the ruling class

An economy where economic decisions are made by both the government and individuals

An economy where all economic decisions are made by individuals and businesses

An economy where economic decisions are made by the government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main priority of a free market economy?

Economic freedom

Economic efficiency

Economic growth

Economic equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of tradition in a traditional economy?

Tradition has no role in a traditional economy

Tradition only determines how goods and services are produced

Tradition only determines what is produced

Tradition determines what is produced, how it’s made, and who consumes it

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the government in a command economy?

The government provides some goods and services in a command economy

The government only regulates markets in a command economy

The government makes all economic decisions

The government has no role in a command economy

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the characteristic of a mixed economy?

Both the government and individuals make economic decisions

Individuals and businesses make all economic decisions

There is no government regulation in a mixed economy

The government makes all economic decisions