Economic Systems U4

Economic Systems U4

10 Qs

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Economic Systems U4

Economic Systems U4

Assessment

Quiz

Social Studies

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Created by

John Rodriguez

Used 4+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Who is known as the father of modern economics?

Milton Friedman           

John Maynard

Adam Smith

Fredrich Hayek

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A command economy is an umbrella term for any controlled economic system. Which two ideologies would fall under this umbrella?

capitalism and socialism

traditionalism and communism

socialism and communism

communism and capitalism

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A mixed economy includes ___________ and __________ principles in its system.

capitalism; communism

free market; capitalism

capitalism; profit motive

free market; socialism

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are characteristics of a mixed economy?

protection of private property

supply and demand determine fair prices

innovation is rewarded

all of the answers are correct

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are characteristics of a command economy?

establish a classless society

government owns the means of production

supply and demand are allowed to set prices

only a and b are correct

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs:

profit motive

public disclosure

competition

open opportunity

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Specific groups which represent interests that support and lobby for areas of special need:

Households

Investors

Representatives

Interest groups

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