Economic Systems Quizizz

How many economic questions should society be answering in regards to the organization of their economy? Mark only one oval.

• 5 questions

• 2 questions

• 3 questions

• 4 questions

In his book, Wealth of Nations, Adam Smith for what type of economy?

• free enterprise system

• traditional economy

• authoritarian economy

• socialist economy

Who are the people who make and sell goods in a free enterprise system?

• consumers

• producers

• technicians

• representatives

What law in the free enterprise system determines the prices of goods and services?

• Law of Inertia

• Law of Search and Seizure

• Law of Motion

• Law of Supply and Demand

If the demand of a product or service is high, what happens to the price of that product/service?

• Price goes down

• Price goes up

• Price is stable

What is the economic theory that the government should interfere as little as possible in the economy?

• Supply and Demand

• Market economy

• Laissez-faire

• Communism

The other alternative economic systems to capitalism rose as a result due to what?

• desire for voting rights

• inequalities created by the industrial revolution

• fair civil rights

• looking for private ownership

Who were the two individuals who pushed for socialism reforms towards the economy?

• John Locke

• Robert Owen

• Louis Blanc

• Baron de Montesquie

A communist economy is also known as?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which of the following are features of a Communist economy? (check all that apply)

• Classless society

• No private property

• No economic freedom

• Profits are illegal

• Supply and demand