REVIEW: UNIT 2 ECONOMIC SYSTEMS

REVIEW: UNIT 2 ECONOMIC SYSTEMS

12th Grade

22 Qs

quiz-placeholder

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REVIEW: UNIT 2 ECONOMIC SYSTEMS

REVIEW: UNIT 2 ECONOMIC SYSTEMS

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Mr. Behney

Used 5+ times

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pop Quiz! Which of these is NOT a dilemma that keeps economists up at night?

what to produce

how to produce

for whom to produce

why to produce

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What's the invisible hand guiding how we all make stuff and get stuff? It's the system born from everyone's choices, shaping how a society gets its groove on with producing and munching on goods and services. What's it called?

government

nation-state

business

economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The Joker once quipped, "If you're good at something, never do it for ___________." What's the missing word?

free

at-cost

money

long

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Let's dive into the world of economics! Here's a thought: At the heart of economic theory is the idea that

B) our resources are like a magical well that never runs dry

C) who cares about incentives, right?

D) consumers just flip a coin to make decisions

A) our wants and desires just keep going on and on

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dive into the world of economics with Adam Smith! What does his famous "invisible hand" concept really mean?

A) government should focus on trade policies

B) consumers cannot make rational choices involving the long run

D) only businesses should be involved in providing fairness of the market

C) entire economies will benefit if individuals pursue their self interests

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you're in a world where all economic decisions are guided by ancient customs. What type of economy is this?

Traditional

Command

Market

Mixed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Guess which economy thrives when the government rolls out incentives for folks to brainstorm and launch their own ventures?

Traditional

Command

Mixed

Market

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