Every society must answer three economic questions. Select all that apply.
Economic Systems

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Jason Miller
Used 36+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
1 min • 5 pts
What good and services should be produced?
How should these goods and services be produced?
Who gets these goods and services?
What goods should be exported?
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
An economic system is the method used by a society to:
produce and distribute goods and services.
how much money to distribute.
sell products at Target and Walmart.
maximize profit.
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A Traditional Economy
does not adapt to change easily.
is also called a mixed economy.
is a country like North Korea.
is also called Laissez Faire.
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
In a centrally planned economy,
citizens can become entrepreneurs easily.
citizens are incentivized to work hard.
the government answers the three economic questions.
is a country like the Australia.
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
In this type of Economic System, the government owns all (or most) of the resources.
Mixed
Traditional
Market
Centrally Planned
6.
MULTIPLE SELECT QUESTION
1 min • 5 pts
Some advantages of a communism are:
low unemployment
less income inequality
lots of competition
little corruption
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
In a Free Market economy, citizens are motivated by _________ to produce quality items efficiently.
the Invisible Hand
Profit
Big Brother
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