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Types of Economies

Authored by Benjamin Klunk

Social Studies

10th Grade

Used 4+ times

Types of Economies
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

An economy in which most economic issues of production and distribution are resolved through central planning and control.

Traditional
Command
Market
Socialist
Mixed

2.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

An economy that involves a degree of private economic freedom mixed with a degree of government regulation of markets.

Traditional
Command
Market
Socialist
Mixed

3.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.

Traditional
Command
Market
Socialist
Mixed

4.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

An advantage of a market economy.

Maximizes socialwelfare
Competition pushesbusinesses to efficient
Less inequality of incomebecause government’s intentis to have a balancedeconomy
Prevents the rich fromexploiting the poor

5.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

A disadvantage of a command economy.

Prevent monopolies
Prevent massunemployment
Promotes a moreeducated society
Produce products thatare not always used

6.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

An advantage of socialist economies.

Less inequality of incomebecause government’s intentis to have a balancedeconomy
Strong socialnetwork
Resistance tochange
-Large gap betweenthe rich and poor

7.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

What is NOT a common disadvantage of a pure market economy

Unfair business practices
Unsafe products
Lack of inflation
Unstable economy
Environmental damage

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