Key terms Chapter 2: Economic Systems

Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Standards-aligned
Used 2+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a ____, the three basic economic questions of what to produce, how to produce, and for whom to produce are answered in the same way they have been for generations.
voluntary exchange
traditional economy
command economy
mixed economy
Tags
(A) 23.A
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a ____, the government makes most economic decisions.
command economy
traditional economy
mixed economy
global economy
Tags
(A) 23.A
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Two systems in which government plays a strong role are communism and ____.
market economy
democracy
socialism
totalitarianism
Tags
(A) 23.A
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the transition between types of economic systems, the government may ____ industries, taking them out of private ownership.
nationalize
privatize
monopolize
incentivize
Tags
(A) 23.A
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A ____ economy rests on private ownership.
command
state
national
market
Tags
(A) 23.A
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The rights of individuals and groups to own business and resources is known as____.
private property rights
public property rights
bill of rights
civil rights
Tags
(A) 23.A
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A market economy depends on ____ to help produce the highest quality goods at the lowest price.
consumption
procrastination
competition
collusion
Tags
(A) 23.A
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