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Social Studies
8th -
12thgrade
Crash Course #3: Economic Systems & Macroeconomics
10 questions
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- 1. Multiple Choice
What type of economic system allows the government to decide what to produce, how to produce, and for whom to produce?
Market
Mixed
Command
Traditional
- 2. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 3. Multiple Choice
The four types of economic systems are:
traditional, command, mixed, and market
traditional, command, combined, and market
communism, capitalism, free market, and mixed
individual, traditional, microeconomics, and macroeconomics
- 4. Multiple Choice
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
traditional
market
command
centrally planned
- 5. Multiple Choice
The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
traditional
market
command
centrally planned
- 6. Multiple Choice
What are the 3 economic questions?
What to produce? How to produce? When to produce?
Who to produce? Why you produce? Like to produce?
Why to produce? Tell who to produce? Things to produce?
What to produce? How to produce? For whom to produce?
- 7. Multiple Choice
________ is the most basic or fundamental economic problem.
Greed
Labor
Scarcity
Capital
- 8. Multiple Choice
When someone or a business chooses to specialize or produce certain items
Entrepreneur
Economics
Voluntary Exchange
Specialization
- 9. Multiple Choice
A person who comes up with a product or service and finds the money and time to produce this new product
Entrepreneur
Incentive
Specialization
Barter
- 10. Multiple ChoiceWhat type of economy do most countries in the world have?Market economyCommand economyTraditional economyMixed economy
- Answer choicesTagsAnswer choicesTags