Economic Systems Quiz

What must societies address to answer the basic economic questions?

• Abundance

• Scarcity

• Wealth distribution

• Economic growth

How many basic economic questions must societies answer?

• Two

• Three

• Four

• Five

What is an Economic System?

• A method to distribute wealth equally among people.

• A process to eliminate scarcity in society.

• The way a society uses its scarce resources to satisfy its people's unlimited wants.

• A system to ensure economic growth and stability.

What shapes the economic system of a society?

• The government's policies

• The answer to the basic economic questions

• The level of technological advancement

• The cultural values of the society

Which of the following is not on of the three main economic systems?

• Command

• Market

• Traditional

• Business

What is a Traditional Economy based on?

• Current market trends

• Customs and beliefs handed down from generation to generation

• Technological advancements

• International trade agreements

In a Traditional Economy, what is the role of men often described as?

• Teachers and scholars

• Hunters and herders

• Businessmen and traders

• Politicians and leaders

What is the role of children in a Traditional Economy?

• Children in a Traditional Economy are not involved in any activities
• Children in a Traditional Economy help with chores.

• Children in a Traditional Economy are responsible for all decision-making
• Children in a Traditional Economy only focus on formal education

How does a Traditional Economy view the good of the group compared to individual desires?

• Individual desires are more important than the good of the group.

• The good of the group and individual desires are equally important.

• The good of the group always takes precedence over individual desires.

• Individual desires are not recognized in a Traditional Economy.

Is there a chance of deviating from the set roles and patterns in a Traditional Economy?

• Yes, there is a high chance of deviation.

• Yes, but only with technological influence.

• No, there is no chance of deviating from this pattern.

• It is encouraged to deviate and innovate.