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Types of Economic Systems

Authored by Sydney Moyer

Business

9th Grade

Used 7+ times

Types of Economic Systems
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economic system?

A method by which countries manage their resources and production.

A system for predicting weather patterns.

A network of ancient trade routes.

A collection of historical documents.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean in economic terms?

Unlimited resources to fulfill all wants

Limited resources to fulfill unlimited wants

Equal resources for all wants

No resources needed for wants

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does mutual dependence mean?

Relying solely on oneself

Relying on each other

Not relying on anyone

Relying on technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do we depend on one another?

Because everyone is equally skilled

Because everyone has different skills

Because no one has any skills

Because everyone has the same resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main idea of the traditional economy?

Everyone can do everything

Everyone has something of value to offer

No one has anything to offer

Everyone relies on technology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do humans try to create symbiotic relationships?

To increase competition

To enjoy a quality of life

To reduce costs

To avoid work

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a challenge for societies and governments regarding labor and production?

Solving the questions of what, how, and for whom to produce

Deciding who should be unemployed

Determining the best way to increase taxes

Finding ways to reduce population

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