Econ Chapter 2
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Michael Williams
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an Economic System?
Organized way a society provides for the wants and needs of its people
The system in which economic models are created
The formative structure that lays over the foundation of the stock market
A proposal of Adam Smith's that resources are in fact unlimited
2.
MATCH QUESTION
1 min • 1 pt
Match the following Economic Systems
the government owns some, but not all, of the factors of production/resources
Command System
factors of production are collectively owned and directed by the state; *classless*
Communism
private citizens own and use the factors of production in order to generate profits
Socialism
Allocation of scarce resources, and other economic activity is the result of ritual, habit or custom
Market System
a central authority that makes the major economic decisions
Traditional System
3.
MATCH QUESTION
1 min • 1 pt
The following countries economic systems are best characterized by which market structure?
North Korea
Socialist
Cuba
Market
France
Command
Inuit Peoples
Traditional
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Rapid Economic Growth and no government involvement is an Advantage of what System?
5.
REORDER QUESTION
1 min • 1 pt
Order the Following in rate of Economic Growth
Capitalist
Mixed
Traditional
Command
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Volatile and Risky economies are a disadvantage of which economic systems?
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Simplicity and Everyone knowing their role is an advantage of which market system?
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