Types of Economies & Econ Sectors

Types of Economies & Econ Sectors

9th Grade

40 Qs

quiz-placeholder

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Types of Economies & Econ Sectors

Types of Economies & Econ Sectors

Assessment

Quiz

Social Studies, Other, Business, History, Geography

9th Grade

Medium

Created by

Karen Olivier

Used 5+ times

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What three questions need to be answered to determine an economic system?

What to produce, how to produce it, and who gets it

Where to produce, when to produce it, and why it is produced

Who to produce for, how much to produce, and when to produce it

Why to produce, where to produce, and who gets it

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who controls the factors of production?

The government

Private individuals

Foreign corporations

Non-profit organizations

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the concept of the invisible hand in a free market economy?

Individuals and businesses meet society's needs when they seek their own self-interest

Government controls all economic activities

Consumers have no choice in the products they buy

Businesses prioritize social welfare over profits

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the role of the government in a free market economy?

Maintain the rule of law, provide public goods and services, and regulate markets

Control all aspects of production and distribution

Ensure equal distribution of wealth

Minimize government intervention in the economy

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which countries have mixed economies?

Almost all countries

North Korea and Cuba

United States and China

Denmark and Canada

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which economic system is the economy COMPLETELY controlled by the government?

capitalism

socialism

communism

anarchism

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which economic system do private individuals control the economy?

capitalism

socialism

communism

anarchism

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