1.3 Economic Systems

1.3 Economic Systems

12th Grade

28 Qs

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1.3 Economic Systems

1.3 Economic Systems

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Leonel Roman Avalos

Used 3+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four types of economic systems?

Capitalism, Socialism, Mixed Economy, Traditional Economy

Capitalism, Communism, Feudalism, Mercantilism

Socialism, Communism, Feudalism, Traditional Economy

Capitalism, Mercantilism, Mixed Economy, Traditional Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is one of the three economic questions every society must answer?

How much money should be printed?

What goods and services should be produced?

Who should pay taxes?

How should laws be enforced?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the second economic question that societies need to address?

How should these goods and services be produced?

When should goods be sold?

Where should factories be located?

Why should services be offered?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered in the third economic question regarding consumption?

Who produces these goods and services?

Who consumes these goods and services?

Who regulates these goods and services?

Who exports these goods and services?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the goal of economic efficiency?

Making the most of resources

Fair distribution of wealth

Freedom from government intervention

Innovation leads to economic growth

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic goal focuses on freedom from government intervention in the production and distribution of goods and services?

Economic equity

Economic freedom

Economic security and predictability

Economic growth and innovation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does economic security and predictability ensure?

Innovation leads to economic growth

Fair distribution of wealth

Goods and services will be available, payments will be made on time, and a safety net will protect individuals in times of economic disaster

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