Economies Quiz

Economies Quiz

10th Grade

50 Qs

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Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Easy

Created by

Ashley Lynch

Used 2+ times

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50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What type of economy relies on customs, traditions, and beliefs to decide what to produce, how to produce it, and for whom to produce?

Market Economy

Traditional Economy

Command Economy

Mixed Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

In which type of economy does the government make all the decisions regarding what goods and services to produce, how to produce them, and who receives them?

Market Economy

Traditional Economy

Command Economy

Mixed Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which economic system is characterized by private property, free-market competition, and profit as the main incentive?

Capitalism

Communism

Traditional Economy

Command Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

In which type of economy do supply and demand determine the prices of goods and services?

Command Economy

Traditional Economy

Market Economy

Mixed Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is a key feature of a mixed economy?

It relies solely on traditional customs to make economic decisions.

The government owns and controls all means of production.

It incorporates elements of both market and command economies.

It prohibits private property.

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which economic system aims at eliminating private property to achieve equality and distribute wealth equally among all citizens?

Capitalism

Communism

Traditional Economy

Market Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

In a traditional economy, how are economic roles like farming or hunting typically assigned?

By government officials

Through competitive exams

Based on family lineage and tradition

Through a bidding process

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