Economic Systems and Voluntary Trade

Economic Systems and Voluntary Trade

7th Grade

20 Qs

quiz-placeholder

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Economic Systems and Voluntary Trade

Economic Systems and Voluntary Trade

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Jennifer Mathis

Used 89+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

Market exchanges answer all three of the big economic questions

Family customs and traditions determine what and how to produce a good

Government answers all three of the big economic questions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods and services a country produces and sells to other countries

imports

exports

demand

supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A tax on imports

tariff

import tax

supply

embargo

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods and services brought in from other countries

supply

exports

imports

tariff

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limit to the number of imports that may enter a country

tariff

embargo

demand

quota

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