
Understanding Economic Concepts Quiz
Authored by Zane Cole
Social Studies
12th Grade
Used 3+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
What is the term for an economic system in which private businesses operate in competition and largely free of state control?
Command economy
Free enterprise
Socialism
Traditional economy
2.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Which term describes the ability of individuals to decide what agreements they want to enter into?
Open opportunity
Free contract
Profit motive
Market failure
3.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
What is the term for the incentive that drives individuals and businesses to improve their material well-being?
Profit motive
Subsidy
Externality
Safety net
4.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Which concept refers to the situation when the market does not distribute resources efficiently on its own?
Public goods
Market failure
Free rider
Infrastructure
5.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
What is the term for goods or services provided by the government for free or at a reduced cost for everyone?
Public goods
Transfer payment
Free contract
Profit motive
6.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Who is a person that benefits from a good or service without paying for it?
Producer
Free rider
Consumer
Entrepreneur
7.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Which term refers to the basic physical and organizational structures needed for the operation of a society, such as roads and bridges?
Externality
Infrastructure
Subsidy
Safety net
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