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Economic Systems Quiz

Authored by Kb Brown

History

5th Grade

Used 1+ times

Economic Systems Quiz
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economy does the government have the most control over resources and production?

traditional economy

command economy

market economy

mixed economy

2.

OPEN ENDED QUESTION

3 mins • 1 pt

Government owns the factors of production Government answers the question of who, what and how to produce Government eliminates choice and competition What type of economic system is described?

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3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a

A mixed economy.

B market economy.

C command economy.

D traditional economy.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using this chart, you can conclude that in Australia’s economy

A buyers and sellers determine what goods are made.

B private property is rationed out according to need.

C the national government owns most of the land resources.

D the provincial governments own most of the capital resources.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, how is it determined what goods and services will be produced?

Businesses decide what to produce on the basis of market conditions.

Consumers decide through their behavior in the marketplace.

The government decides what will be produced.

Supply and demand control production and price.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which characteristic is PRIMARILY associated with a command economy?

competition among suppliers in the market

free access to the marketplace for producers

government decision making about what will be produced

competition in the marketplace to provide consumer choice

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, prices are established by

consumers and labor unions.

decree of government agencies.

supply and demand.

customs and traditions.

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