Free Market Economy Quiz

Free Market Economy Quiz

Assessment

Passage

Other

7th Grade

Hard

Created by

Wayground Content

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a free market economy?

An economic system with fixed prices

An economic system based on supply and demand

An economic system with government intervention

An economic system with no private ownership

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines prices and wages in a market economy?

International trade agreements

Labor unions

Supply and demand in the open market

Government regulations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of financial markets in a market economy?

To provide subsidies to small businesses

To regulate competition among businesses

To facilitate investment and capital accumulation

To control prices of goods and services

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does private ownership of resources allow individuals and businesses to do?

Avoid competition in the market

Receive government subsidies

Make decisions about resource usage and benefit from profits

Control government policies

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates individuals and businesses in a market economy?

Government regulations

Pursuit of profit

Labor unions

Social welfare

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does competition among businesses in a market economy lead to?

Decrease in consumer choices

Monopolies and price fixing

Innovation and improvement in products and services

Higher prices and lower quality products

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the advantage of the pursuit of profit in a market economy?

Decrease in job opportunities

Decrease in innovation

Expansion and creation of more job opportunities

Decrease in business growth

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