Economic Systems

Economic Systems

University

25 Qs

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Economic Systems

Economic Systems

Assessment

Quiz

Science

University

Practice Problem

Hard

NGSS
HS-ETS1-3, HS-ESS3-4

Standards-aligned

Created by

Lisa Thompson

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system is characterized by the government making all decisions about the production and distribution of goods?

Market economy

Mixed economy

Command economy

Traditional economy

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a market economy, what determines the price of goods and services?

Government regulations

Supply and demand

Cultural traditions

Central planning

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a feature of a mixed economy?

Complete government control

No government intervention

Combination of private and public sectors

Only traditional methods of production

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary goal of a traditional economic system?

Profit maximization

Sustainability and survival

Technological advancement

Global trade

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who typically owns the means of production?

Private individuals

Corporations

The government

Foreign investors

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system is most likely to encourage innovation and entrepreneurship?

Command economy

Market economy

Traditional economy

Feudal economy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a potential disadvantage of a market economy?

Lack of competition

Inequality of wealth

Overregulation

Limited consumer choice

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