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Economic Systems and Government Test- Study Guide
Authored by MaryBeth Broxterman
Social Studies
6th - 8th Grade
Used 13+ times
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27 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
Which type of economic system is dying out because it has proven less successful? Explain WHY.
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Answer explanation
Think back on your parking lot activity. People were more focused on meeting minimum requirements than by doing a good job.
2.
OPEN ENDED QUESTION
3 mins • 1 pt
How does a Market Economy Answer the 3 basic economic questions that need to be addressed?
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Answer explanation
The name of the system indicates what is in control
3.
OPEN ENDED QUESTION
3 mins • 1 pt
Which type of economic system typically is best for raising a country's standard of living? WHY?
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Answer explanation
When people are rewarded for hard work they are more productive. When a country produces more goods and services, people have more goods and services available to them. Although Standard of Living covers more than just goods and services, availability of them does affect standard of living.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
How does a traditional economy answer the basic economic questions?
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Answer explanation
Remember that the name of the economic system indicates what is important to it.
5.
OPEN ENDED QUESTION
3 mins • 1 pt
What are the 3 basic questions that all economies must answer?
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Answer explanation
Production, distribution, and consumption
6.
MATCH QUESTION
1 min • 1 pt
Match the following...
Command
Controlled by the wants and needs of consumers
Mixed
Controlled by the private and public sectors to prevent failure
Traditional
Why do cows wear bells?
Their horns don't work
Controlled by historic values and decisions that have stood for generations
Market
Controlled solely by the government and what they believe is best
7.
MATCH QUESTION
1 min • 1 pt
Match each letter with the BEST description of the type of economy that would exist at that point on the spectrum.
Z
The government regulates major industries to protect the environment and the rights of workers.
Y
Most major industries are controlled by the government and there is little protection of private property rights.
X
There are few barriers to entry into most industries and most economic decisions are determined by the forces of supply and demand.
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