Econ: Ch.3 Economic Systems

Econ: Ch.3 Economic Systems

KG - University

10 Qs

quiz-placeholder

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Econ: Ch.3 Economic Systems

Econ: Ch.3 Economic Systems

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KG - University

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The major types of economic systems are

command, market, and mixed.
traditional, market, and mixed.
traditional, command, and market.
communist, socialist, and capitalist

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system is successful when it

creates a large number of wealthy people.
maintains normal unemployment levels.
controls government agencies.
satisfies the needs of its people.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a ____________ economy, a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.

traditional
command
market
free market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic system that answers the four basic economic questions according to societal customs is called

command
market
mixed
traditional

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a major characteristic of a pure market economic system?

lack of competition
freedom of enterprise
freedom of choice
little or no government control

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The main drawback of the traditional economy is that it

has a great deal of uncertainty
fails to answer the WHAT, HOW, and for WHOM questions
tends to discourage new ideas and ways of doing things 
requires a large government bureaucracy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Today, traditional economies

exist in very few areas of the world.
are common in many parts of Latin America and Asia.
exist only in the developed nations of the world.
are found only in the Middle East.

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