Types of Economies Review for Test

Types of Economies Review for Test

10th - 12th Grade

36 Qs

quiz-placeholder

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Types of Economies Review for Test

Types of Economies Review for Test

Assessment

Quiz

History

10th - 12th Grade

Practice Problem

Hard

Created by

Kristen Schaeffer

Used 135+ times

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market system who answers the economic questions?

Government
Consumers
Businesses
Government and consumers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a country's income and goods are rising from year to year that country is experiencing 

a rising standard of living
a falling standard of living
a recession
a golden age

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adam Smith created the concept of the invisible hand.  Which economic system would he feel would most closely fit with his invisible hand theory?

mixed
command
market
traditional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following would be part of a market economy EXCEPT:

unrestricted competition
competitive prices
variety in goods
strong government planning

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system would it be the easiest to start a business?

Command
Mixed
Traditional 
Market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under a command system, who owns the factors of production?

Consumers
Elders
Government
Businesses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States is considered to have a _________ economy.

Traditional 
Command
Market
Mixed

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