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Economic Systems Quiz

Authored by Karina Huber

Social Studies

11th Grade

Economic Systems Quiz
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65 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system relies primarily on habit and custom to determine economic activity?

Command economy

Market economy

Traditional economy

Mixed economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What best characterizes a market economy?

Central government ownership of resources

Decisions made by tradition

Consumer choice and voluntary exchange

Government control of prices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mixed economy combines elements of:

Traditional and market systems

Command and traditional systems

Market and command systems

Traditional and capitalist systems

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is most likely to include advertising and product differentiation?

Monopoly

Oligopoly

Monopolistic competition

Perfect competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the equilibrium price when demand increases and supply remains constant?

Price falls

Price remains unchanged

Price rises

Quantity decreases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage occurs when:

Quantity demanded equals quantity supplied

Price is above equilibrium

Quantity demanded exceeds quantity supplied

Supply exceeds demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a microeconomic issue?

National inflation rate

Unemployment rate

Consumer purchasing decisions

Interest rate policies

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