Understanding Economic Systems

Passage
•
Social Studies
•
9th Grade
•
Hard
Jonina Titus
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is an economic system where the government controls the production and distribution of resources?
A) Capitalism
B) Socialism
C) Mixed Economy
D) None of the above
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In which economic system do private individuals own and control the means of production?
A) Capitalism
B) Socialism
C) Mixed Economy
D) Communism
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is a Mixed Economy?
An economy with no government intervention
An economy with complete government control
An economy with both private and government involvement
An economy with only private businesses.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What method is used for exchanging goods in a traditional economy?
Currency
Credit
Bartering
Online transactions
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is an advantage of a traditional economy?
Produces only those goods and services that are needed
High productivity
Rapid technological advancement
High standard of living
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a disadvantage of a traditional economy?
Lower standard of living than other economies
High technological innovation
High productivity
Efficient resource use.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A command economy is usually led by which type of government?
Democratic
Dictator or totalitarian
Monarchy
Anarchy
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