Understanding Types of Economic Systems

Understanding Types of Economic Systems

10th Grade

10 Qs

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Understanding Types of Economic Systems

Understanding Types of Economic Systems

Assessment

Quiz

Other

10th Grade

Practice Problem

Easy

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Lilly G

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of a traditional economic system?

Profit maximization

Cultural customs and traditions

Government control

Technological advancement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economic system, who primarily makes economic decisions?

Private individuals

The government

Market forces

Foreign investors

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a liberal economic system?

Limited competition

Government ownership of resources

Private ownership of resources

Central planning

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key advantage of a command economic system?

Encouragement of entrepreneurship

Stability and control over the economy

Rapid economic growth

High levels of individual freedom

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by a mix of government and private sector involvement?

Mixed

Liberal

Command

Traditional

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a disadvantage of a traditional economic system?

Low effectiveness in production

Rapid economic growth

High levels of innovation

Strong government regulation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a liberal economic system, what is the role of the government?

To intervene in market prices

To control all economic activities

To minimize intervention in the market

To regulate all businesses

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