Economic Systems Quiz
Authored by Amanda Pack
Social Studies
5th - 7th Grade
Used 29+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
An economy in which most of the economic decisions that are made are based
on custom and on the habit of how such decisions were made in the past
Traditional
Command
Market
Mixed
2.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
Government planning groups make the basic economic decisions such as
which goods and services to produce, prices, and wage rates
Traditional
Command
Market
Mixed
3.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
An economy in which changes in prices guide what and how goods and
services will be produced, distributed, and consumed
Traditional
Command
Market
Mixed
4.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
An economic system in which decisions are all made on the basis of customs,
beliefs, religion, and habits
Traditional
Command
Market
Mixed
5.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
Sometimes called Free Enterprise which allows for private ownership of
businesses and property
Traditional
Command
Market
Mixed
6.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
Why are most economies referred to as “mixed economies”?
There are not any traditional economic systems left.
Government planners no longer have complete control over command systems.
Most countries have aspects of both market and command economies.
Economic poverty is too great in a pure market system.
7.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
The government owns the means of production
Traditional
Command
Market
Mixed
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