WorksheetsQuiz 1 in Contemporary World
Total questions: 10
Worksheet time: 3mins
It is an organized way in which a country allocates resources and distributes goods and services across the nation.
Economy
Economics
Economic Theory
Economic System
It includes several institutions, entities, agencies, decision-making processes, and consumption patterns.
Economy
Economics
Economic Theory
Economic System
It is an economy based on the culture or customs of a particular group.
Command Economic System
Market Economic System
Mixed Economic System
Traditional Economic System
This type of economic system has the practice where government answers the questions of production.
Command Economic System
Market Economic System
Mixed Economic System
Traditional Economic System
It is an economic system where people answer the questions of production.
Command Economic System
Market Economic System
Mixed Economic System
Traditional Economic System
It is an economic system that is determined partly by consumer preferences and partly by the government.
Command Economic System
Market Economic System
Mixed Economic System
Traditional Economic System
Which of the following is not a disadvantage of the traditional economy?
Little to no uncertainty
Stagnation can occur
Standard of living does not go up
People who have new ideas are discouraged.
Which of the following is an advantage of a command economy?
The citizen can lose motivation and innovation
Struggle to meet the day to day issue
Requires large bureacracy
Can change the direction of the economy in a short period of time.
Which of the following is not a major economic problem?
What to produce?
When to produce?
How to produce?
For whom to produce?
The market economy is considered an ideal economic system because...
The consumer's satisfaction is high
There is a lot of individual freedom
Innovation and creativity thrive
People can decide what to do without the government
All of the choices are correct
