Economic Systems Quiz

Economic Systems Quiz

12th Grade

58 Qs

quiz-placeholder

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Economic Systems Quiz

Economic Systems Quiz

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Terria Green

Used 8+ times

FREE Resource

58 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Free Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions?

Command

Traditional

Free Market

Mixed

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economic system are decisions based on individual choice and voluntary exchange?

Mixed

Free Market

Traditional

Command

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which of the following systems are there NO private property rights?

Command

Traditional

Free Market

Socialism

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Adam Smith, markets are guided by the "invisible hand" because

public ownership increases output.

traditions adapt to what is most efficient.

consumers' choices will drive business decisions.

governments easily identify the best choices.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following advantages are associated with Adam Smith?

Freedom of economic choice.

Near full employment.

Stable economic system.

Built in safety net.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of seniors decide earn money by helping people move. They will load and unload boxes on and off moving trucks for $12 an hour. What they offer is considered:

A good.

A service.

Macroeconomics.

Marginal benefit.

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