Exploring Economic Systems: Costs and Benefits

Exploring Economic Systems: Costs and Benefits

Assessment

Interactive Video

Created by

Emma Peterson

Social Studies

6th - 10th Grade

Hard

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason for the existence of different economic systems?

Political ideologies

Scarcity of resources

Technological advancements

Cultural diversity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, how are goods and services typically acquired?

Via online marketplaces

By government allocation

Through bartering

Using money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a strength of a traditional economy?

Strong communal ties

Rapid technological innovation

High standard of living

Flexible job roles

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who makes the economic decisions in a command economy?

Businesses

Individual consumers

Local communities

Central government

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a significant weakness of a command economy?

High levels of innovation

Lack of incentives for hard work

Strong property rights

Wide variety of goods and services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market-based economy, what determines the production of goods and services?

Environmental factors

Government policies

Cultural traditions

Consumer demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a strength of a market-based economy?

Ability to adjust to consumer needs

Limited variety of goods

High level of government control

Fixed job roles

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major disadvantage of a market-based economy?

Limited consumer choice

High levels of unemployment and poverty

Government interference

Lack of competition

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mixed economy?

An economy based solely on traditions

An economy controlled entirely by the government

An economy that combines elements of command and market systems

An economy with no government intervention

10.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a mixed economy, who decides what to produce?

Only the government

Only businesses

Both businesses and the government

Local communities

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