Economies and World Trade Quiz

Quiz
•
Social Studies
•
12th Grade
•
Medium
Patrick Baker
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three main types of economic systems?
Traditional, market, and command
Market, socialism, and communism
Capitalism, socialism, and communism
Traditional, mixed, and command
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, who makes decisions about what things to produce?
Government
Private individuals and groups
Central authority
Communist Party
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mixed economy?
An economy where the government owns all means of production
An economy where decisions about production and distribution are made by a central authority
An economy where private individuals and groups have the right to own property and businesses
An economy where the government supports and regulates enterprise through decisions that affect the marketplace
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a command economy?
An economy where tradition and custom control all economic activity
An economy where private individuals and groups have the right to own property and businesses
An economy where decisions about production and distribution are made by a central authority
An economy where factors of production are privately owned
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main goal of socialism?
A fair distribution of wealth and economic opportunity
Private ownership of all means of production
Government control of all economic decisions
Public ownership of necessary services and factories
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four types of economic activities?
Primary, secondary, tertiary, and quaternary
Agriculture, manufacturing, services, and information
Traditional, market, mixed, and command
Socialism, capitalism, communism, and free enterprise
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between international trade and domestic trade?
International trade involves the exchange of goods and services, while domestic trade involves the exchange of capital and labor
International trade is more costly due to additional costs such as tariffs and border delays
International trade is limited to trade in goods and services, while domestic trade involves trade in capital and labor
International trade is only between developed countries, while domestic trade is between all countries
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