Economic Systems and Globalization Quiz

Economic Systems and Globalization Quiz

12th Grade

16 Qs

quiz-placeholder

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Economic Systems and Globalization Quiz

Economic Systems and Globalization Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

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16 questions

Show all answers

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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