What is a strength of a traditional economic system?

Economics Quiz

Passage
•
Social Studies
•
12th Grade
•
Hard
TRAVIS HACKEY
Used 1+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discourages new ideas
Life is stable and predictable
Lack incentives
High degree of consumption
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a weakness of a command economic system?
Sets economic roles for all
Adjusts to change
Does not meet the needs/wants of the consumers
Laissez-Faire
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic of a market economic system?
Lower living standards
Capable of great change in a short amount of time
Produces great variety of goods
Discourages new ideas
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system might leave some people, like old people, out?
Traditional
Command
Market
Mixed
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a traditional economic system?
A) Central authority makes decisions
B) Decisions are based on ritual, habit, or custom
C) Decisions are made in the best interest of firms
D) Decisions are made by a democratic vote
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a command economy?
A) Decisions are made by individual choice
B) Decisions are based on tradition
C) A central authority makes most decisions
D) Decisions are made by market forces
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which economic system do people and firms act in their own best interests?
A) Command
B) Traditional
C) Market
D) Mixed
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