Economic Systems

Economic Systems

12th Grade

45 Qs

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Economic Systems

Economic Systems

Assessment

Quiz

History

12th Grade

Easy

Created by

Kevin Lafollett

Used 8+ times

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45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT one of the basic questions of economics?

What will be produced?

How will it be produced?

What will it be produced with?

For whom will it be produced?

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_______________ ______________is what is given up when a choice is made (the second best alternative).

Opportunity cost

Supply and Demand

Free Market

Mixed Economy

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_________________ is selection of an item or action from a set of possible alternatives.

Production

Scarcity

Resources

Choice

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_______________ is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.

Choice

Production

Consumption

Resources

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In what type of economy are decisions based on custom and historical precedent and people often perform the same type of work as their parents and grandparents, regardless of ability or potential.

Free market economy

Command economy

Traditional economy

Mixed economy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In what type of economy is there Central ownership (usually by government) of property/resources and centrally planned economy. Also there is lack of consumer choice

Traditional economy

Free market economy

Mixed economy

Command economy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In what type of economy is there private ownership of property/resources , profit motive, competition, consumer sovereignty, individual choice and minimal government involvement in the economy.

Traditional economy

Free market economy

Command economy

Mixed economy

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