
Topic 2 (Part 1) Test_English_SH
Authored by Ian Duong
Social Studies
12th Grade
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15 questions
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1.
CATEGORIZE QUESTION
3 mins • 16 pts
Groups:
(a) Traditional Economy
,
(b) Free Market Economy
,
(c) Centrally Planned Economy
,
(d) Mixed Economy
Characteristic: the government owns all factors of production and decides how to use them.
Characteristic: they are slow to adopt new ideas and change.
Characteristic: the government creates a central economic plan.
Characteristic: work is divided by gender lines.
Advantage: economic freedom
Disadvantage: Economic freedom is taken away because the government makes all of the decisions.
Characteristic: has some government involvement to make sure everyone receive basic needs.
Characteristic: governments try to make sure that exchanges in the marketplace are fair.
Characteristic: the government creates laws to make the plan happen.
Characteristic: communities are small and work to support the entire community.
Characteristic: the government collects taxes from firms and households.
Advantage: consumer sovereignty
Characteristic: governments can help protect intellectual or private property.
Advantage: economic efficiency
Characteristic: they do not have protection for natural disasters.
Advantage: economic growth
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of these is NOT one of the three key economic questions?
What goods and services should be produced?
How should these goods and services be produced?
Who consumes the goods and services?
Why are the goods and services produced?
3.
MATCH QUESTION
1 min • 5 pts
Match each of the following vocabulary terms with the correct definitions.
Specialization
Focusing on one or a few things, so that you can do that thing very well.
Market
Businesses fighting each other for customers to spend money with them.
Competition
Any place where a buyer and seller can exchange things.
Economic System
The way a society decides to use resources to make and distribute goods and services.
Incentive
Motivating someone to do something by rewarding them or not punishing them.
4.
MATCH QUESTION
1 min • 5 pts
Match each of the following economic goal with its description.
Freedom
To make people's lives better, a society must show growth and innovate (bring new ideas and products to use).
Equity
Societies should also help make sure that everyone has a fair chance to get all of their needs and wants.
Security
Societies must maximize their resources because resources are limited/scarce.
Growth
People want an economy that will make sure that they can get the goods and services that they need and want.
Efficiency
People like to be able to choose whatever they can and want to buy.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of these is NOT another name for a free market economy?
Free Enterprise
Capitalism
Command Economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Pick the option that BEST answers the question: Why do markets exist?
Markets exist so people do not need to know how to make everything they need or want.
Markets exist so people can shop for food.
Markets exist so people can bring things they make to sell them and make money.
Markets exist so people can have somewhere to go when they have nothing to do.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When businesses compete by offering higher quality goods than their competition, this is known as...
Price competition
Non-price competition
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