ECON Unit 1(B) Review

ECON Unit 1(B) Review

9th - 12th Grade

41 Qs

quiz-placeholder

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ECON Unit 1(B) Review

ECON Unit 1(B) Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Taylor Coe

Used 39+ times

FREE Resource

41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is one advantage of a Command Economy?

Individual freedom for everyone

Health and public services are available to everyone at little or no cost.

The government rarely interferes.

Able to adjust to change gradually

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is a Command Economy?

CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand

An economic system COMBINING private and public enterprise.

When production, investment, price, and income are determined centrally by a GOVERNMENT.

A system that relies on customs, history, and time-honored beliefs.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is one disadvantage of a Command Economy?

Requires large bureaucracy, which consumes resources

Lower standard of living

Does not produce enough public goods

Workers and businesses face uncertainty as a result of competition and change.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The limited amount of resources available

Resource

Competition

Scarcity

Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The benefit you give up by choosing to do one thing instead of another.

Scarcity

Consumer

Market

Opportunity Cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is standard of living?

is a measure of the minimum amount of money thought to be adequate for life

A measure of how well off the people are in a country

A lack of money and basic necessities needed for life

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three fundamental economic questions?

For whom are goods and services produced?

What goods and services will be produced?

How will we decide who is a citizen?

How will goods and services produced?

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