Warm - Up Economic Systems Multiple

Quiz
•
Business
•
11th Grade
•
Medium
Sherzard McEwen-Ashford
Used 2+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key characteristic of a command economy?
Individuals own the resources.
The government controls all economic decisions.
Prices are determined by supply and demand.
There is no government intervention.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a market economy?
North Korea
Cuba
United States
China
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a mixed economy, which of the following best describes the role of the government?
The government completely controls all industries.
The government has no role in the economy.
The government regulates certain industries while allowing private enterprise.
The government owns all resources and businesses.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following countries is known for having a command economy?
Germany
Canada
China
North Korea
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, how are prices typically determined?
By government decree
By supply and demand
By central planning
By tradition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the price of a commodity determined?
By the central bank
By supply and demand
By international standards
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