Market Economy vs. Command Economy Quiz

Market Economy vs. Command Economy Quiz

10th Grade

10 Qs

quiz-placeholder

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Market Economy vs. Command Economy Quiz

Market Economy vs. Command Economy Quiz

Assessment

Quiz

Other

10th Grade

Hard

Created by

STEVE FRANKLIN

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary difference between a market economy and a command economy?

Government intervention and regulation

Consumer preferences and resource scarcity

Price determination for goods and services

Resource control and capital ownership

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, prices are determined by:

Supply and demand

Consumer preferences

Government officials

Macroeconomic and political considerations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is associated with the concept of an 'invisible hand' in a market economy?

John Maynard Keynes

Karl Marx

Milton Friedman

Adam Smith

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economist argued that command economies were likely to become authoritarian regimes?

Ludwig von Mises

Milton Friedman

Karl Marx

John Maynard Keynes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mixed economy?

An economy with complete government control

An economy with government intervention only

An economy with no government intervention

An economy with elements of both market and command economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary role of governments in a market economy?

Setting prices and production schedules

Playing a minor role through taxes and regulation

Directing the factors of production

Regulating business cycles

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which country has made significant market reforms despite being regarded as a command economy?

United States

North Korea

China

Cuba

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