Copy of Day 39: Development of Economic Systems

Copy of Day 39: Development of Economic Systems

11th Grade

13 Qs

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Copy of Day 39: Development of Economic Systems

Copy of Day 39: Development of Economic Systems

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Lesli Alvarez

Used 5+ times

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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

How many economic questions should society be answering in regards to the organization of their economy?

5 questions
2 questions
3 questions
4 questions

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

In his book, Wealth of Nations, Adam Smith for what type of economy?

free enterprise system
traditional economy
authoritarian economy
socialist economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Who are the people who make and sell goods in a free enterprise system?

consumers
producers
technicians
representatives

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What law in the free enterprise system determines the prices of goods and services?

Law of Inertia
Law of Search and Seizure
Law of Motion
Law of Supply and Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If the demand of a product or service is high, what happens to the price of that product/service?

Price goes down
Price goes up
Price is stable

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is the economic theory that the government should interfere as little as possible in the economy?

Supply and Demand
Market economy
Laissez-faire
Communism

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The other alternative economic systems to capitalism rose as a result due to what?

desire for voting rights
inequalities created by the industrial revolution
fair civil rights
looking for private ownership

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