Understanding Economic Systems Test
Authored by Jamal Jordan
Financial Education
12th Grade
DOK Level 1: Recall covered
Used 3+ times
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main feature of a traditional economic system?
Centralized decision-making
Reliance on customs and traditions
Government ownership of resources
Free market competition
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who decides what goods and services are produced in a market economy?
The government
Consumers and producers
Central planners
International organizations
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of demand state?
As price increases, demand increases
As price decreases, demand decreases
As price increases, demand decreases
Demand is unaffected by price changes
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a characteristic of a command economy?
Private ownership of resources
Market-driven prices
Government control of production
Competition among businesses
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does the government play in a mixed economy?
No role at all
Complete control over all economic activities
Regulation and oversight
Sole producer of goods and services
Tags
DOK Level 1: Recall
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by private ownership and free markets?
Command economy
Traditional economy
Market economy
Mixed economy
Tags
DOK Level 1: Recall
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of supply state?
As price increases, supply decreases
As price decreases, supply increases
As price increases, supply increases
Supply is unaffected by price changes
Tags
DOK Level 1: Recall
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