Economics Quiz

Economics Quiz

Assessment

Passage

Social Studies

12th Grade

Hard

Created by

TRAVIS HACKEY

Used 1+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a strength of a traditional economic system?

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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