
Economic Systems
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Social Studies
9th - 12th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A person who comes up with a product or service, and finds the money and time to produce this new product.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This guy is called the father of economics and he literally wrote the book on capitalism
Karl Marx
Tom Brady
Kanye West
Adam Smith
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of economic system is based on customs and beliefs?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
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