Economic System Review Quiz

Economic System Review Quiz

12th Grade

25 Qs

quiz-placeholder

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Economic System Review Quiz

Economic System Review Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Nicholas Nunes

Used 2+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In a traditional economy, how are economic decisions primarily made?

By government authorities and central planners

Based on consumer demand and supply

Through the interaction of buyers and sellers in markets

According to customs, traditions, and rituals 

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the main role of individuals in a traditional economy?

To carry out roles and tasks as dictated by their culture and heritage

To adapt to changing market conditions

To innovate and create new products

To maximize profits and economic growth

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is a free market economy?

An economy where the government controls all production and distribution

An economy where individuals and businesses make most economic decisions

An economy where trade is restricted to only local markets

An economy where prices are set by a central authority

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Does Laissez Faire mean let it be?

True

False

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What are economic systems?

The structure of methods and principles a society uses to produce and distribute goods and services

Level of economic prosperity

Relies on habit, custom, or ritual to answer the three basic economic questions

The process of bringing new methods, products, or ideas into use

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is NOT an advantage of free market?

Growth and innovation

Freedom of choice for governments

Variety of goods and services

Efficient response to changing marketplace conditions

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What of the following is NOT an economic question?

What goods and services should be produced

What services should be produced

How should these goods and services be produced

Who consumes these goods and services

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