Economic Systems Quiz AFTER FLOCABULARY
Authored by Jennifer Lawlor
Social Studies
12th Grade
Used 1+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three questions that every economic system answers?
What is produced? How is it produced? For whom is it produced?
What is consumed? How is it consumed? By whom is it consumed?
What is traded? How is it traded? For whom is it traded?
What is manufactured? How is it manufactured? For whom is it manufactured?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by the government owning all factors of production?
Market economy
Mixed economy
Command economy
Socialist economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a command economy, who decides what and how much is made for consumption?
Individuals and businesses
Consumers
The government
The market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What motivates businesses in a market economy?
Profit
Social welfare
Government regulations
Charitable donations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system promotes even distribution of wealth?
Market economy
Command economy
Mixed economy
Capitalist economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by competition between businesses?
Command economy
Mixed economy
Socialist economy
Market economy
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