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Understanding Economic Systems

Authored by Stacy Shiffner

Business

9th - 12th Grade

Used 20+ times

Understanding Economic Systems
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: A traditional economy is based on customs, traditions, and historical methods of production.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: In a command economy, the government makes most of the economic decisions, including production and distribution.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: The US has a pure capitalist economy with no government intervention.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: In a mixed economy like the US, the government plays a role in regulating and supporting certain industries while the private sector operates independently.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: In a market economy, businesses make decisions based on consumer demand and supply with little to no government involvement.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: A command economy allows individuals to own and control the means of production, such as factories and land.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True/False: Profit is the financial reward that businesses earn by selling goods and services for more than it costs to produce them.

True

False

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