
Economic Systems and Globalization Quiz
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Social Studies
12th Grade
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States runs on capitalism, which can also be called __________________________.
Free Enterprise
Socialism
Communism
Barter System
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________________________ wrote The Wealth of Nations and believed that self-interest causes people to work hard and take risks, which benefits society.
Adam Smith
John Maynard Keynes
Karl Marx
David Ricardo
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a socialist economic system, the government
Owns and controls most of the resources
Owns and controls the people
Pays little attention to income distribution
Rents resources to the people
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the three economic questions?
What goods will be produced?
How will the goods be produced?
How much will be produced?
For whom will the goods be produced?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The major differences between free enterprise and socialism include
Ownership of resources and the government’s role in the economy
Economic planning and income distribution
Controlling prices and honoring private property
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A(n) __________________________ is defined by how a society answers the three basic economic questions.
Economic System
Political System
Social Structure
Cultural Norm
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic system that is based on customs, skills, and cultural beliefs is called a(n) __________________________ economy.
Traditional
Market
Command
Mixed
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