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Economic Systems Quiz

Authored by Bryann Degen

Science

5th Grade

Economic Systems Quiz
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of a market economy according to the document?

To maintain traditions

Equal distribution of income

Profit for individuals

Government control of businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by decisions based on past customs and traditions?

Market

Command economy

Traditional

Mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key characteristic of a command economy?

Private ownership of property

Decisions by tribal elders

Government ownership of all property

Businesses motivated by profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following countries is an example of a market economy?

China

North Korea

United States

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are economic decisions made in a traditional economy?

By a central government

Based on individual profit motives

Following historical customs

Through competitive markets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the goals of the three economic systems: Market, Traditional, and Command?

Efficiency, freedom, and profit

Stability, tradition, and control

Growth, heritage, and authority

Profit, customs, and government planning

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system are you most likely to inherit your mother or father's job?

Market

Traditional

Command

Mixed

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