ECON Unit 1(B) Review
Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Taylor Coe
Used 39+ times
FREE Resource
41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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
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
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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