2.1 Economics- Economic systems
Quiz
•
Business
•
9th - 12th Grade
•
Medium
Carlton Cayward
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13 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Societies embrace various economic systems to deal with the fundamental problem of ________________.
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
In a __________ economy, production questions are answered by the government.
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
In a _________ economy, the basis economic questions are answered by the buying and selling that takes place between consumers and businesses.
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
_____________ is a system in which government owns and controls some, but not all, productive resources
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The way the 19th century inuit divided the "spoils of the hunt" demonstrates a ________ economy.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement describes a disadvantage of a command economy?
Items tend to be produced soley for the sake of profit.
It cannot "change direction" easily if the need arises to do so.
It does little to help the disadvantaged.
Nothing stops the government from producing things people don't want/need.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the principle of "there is no such thing as a free lunch" illustrated in a socialist economy?
Socialist economies tend to collapse when they become too large.
The marketplaces in a socialist economy are free for anyone to enter.
Socialism tends to offer extensive government services but have high taxes.
socialism offer advantages to the wealthy at the expense of the poor.
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