7th Grade Social Studies Quiz

Fill in the blank: In a mixed economy, economic decisions are made by both the government and ________.

• Private sector

• International bodies

• Traditional leaders

• Non-profit organizations

Which economic system is characterized by government ownership of resources?

• Command economy

• Market economy

• Traditional economy

• Mixed economy

A system for exchanging currencies is necessary in international trade to:

• Simplify transactions

• Increase trade barriers

• Limit trade

• Reduce currency value

Which economic system allows consumers and producers to buy and sell what they want?

• Command economy

• Market economy

• Traditional economy

• Mixed economy

In which system are goods and property controlled by the government?

• Democracy

• Autocracy

• Communism

• Presidential Democracy

In which form of government is the head of government elected by citizens?

• Autocracy

• Communism

• Parliamentary Democracy

• Presidential Democracy

In a Parliamentary system, the voters elect the ______.

• A) President

• B) Executive Branch

• C) Parliament

• D) Prime Minister

Fill in the blank: In a Market Economy, what people want to buy and sell determines what ________ and services are produced.

• A) goods

• B) laws

• C) traditions

• D) taxes

Fill in the blank: Southern and Eastern Asia imports most of its ________.

• rice

• oil

• rubber

• palm oil

How can over-specialization in the oil industry be dangerous to an economy?

• It can lead to economic instability if oil prices fall.

• It ensures steady economic growth.

• It diversifies the economy.

• It reduces dependency on oil.