Economic Systems Review Questions

Economic Systems Review Questions

12th Grade

18 Qs

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Economic Systems Review Questions

Economic Systems Review Questions

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

HARNICK MICHAEL

Used 5+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic system of almost all nations can be described as

Market

Centrally Directed

Traditional

Mixed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a car manufacturing plant, what is the term for the specialization of tasks where each worker focuses on a specific part of the production process?

Economies of scale

Division of labor

Game theory

Market failure

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hannah runs a bakery and notices that as she increases her production, the cost per loaf of bread decreases. Which economic concept describes this cost advantage due to her scale of operation?

Economies of scale

Division of labor

Tragedy of the Commons

Circular flow

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Abdulla and Sarah run a small business where Narges provides raw materials and Will manufactures products. What does this scenario illustrate in terms of economic concepts?

Relationship between households and firms

Tragedy of the Commons

Market failure

Division of labor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lana and Gabe are two people competing in a chess tournament. Which theory involves strategic decision-making among individuals like Lana and Gabe?

Game theory

Economies of scale

Division of labor

Market failure

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a situation where individuals acting in their own self-interest deplete shared resources?

Tragedy of the Commons

Market failure

Game theory

Economies of scale

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of money is backed by a physical commodity?

Commodity money

Fiat money

Representative money

Cryptocurrency

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