
Economic Systems and Nations Quiz
Authored by C.J. Schmidt
Social Studies
12th Grade
Used 10+ times

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15 questions
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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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