Economic Systems and Nations Quiz

Economic Systems and Nations Quiz

12th Grade

15 Qs

quiz-placeholder

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Economic Systems and Nations Quiz

Economic Systems and Nations Quiz

Assessment

Passage

Social Studies

12th Grade

Practice Problem

Medium

Created by

C.J. Schmidt

Used 10+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

According to the text, what are the three things that a society needs to figure out to have an economic system?

What to produce, how to sell it, and who gets it

What to produce, how to distribute it, and who gets it

What to produce, how to produce it, and who gets it

Where to produce, when to produce it, and who gets it

2.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

In a planned economy, who controls the factors of production?

International organizations

Government

Businesses

Individuals

3.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

What is the main goal of socialism?

To abolish private property

To provide free and easy access to education and healthcare

To distribute output (goods/services) more equally

To meet specific collective objectives

4.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

In a free market economy, who owns the factors of production?

Owners of the resources

Government

Businesses

International organizations

5.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

What concept do economists refer to as the idea that individuals and businesses meet society's needs when they seek their own self-interest?

Guiding hand

Invisible hand

Helping hand

Visible hand

6.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

What is the role of the government in a free market economy according to the text?

To control all aspects of production

To maintain the rule of law and allow for a semi- "laissez faire" system

To distribute output equally

To abolish private property

7.

MULTIPLE CHOICE QUESTION

1 min • 7 pts

What is the term used for an economy that is completely controlled by the government, down to the number of products to be produced?

Planned economy

Mixed economy

Free market economy

Command economy

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