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Business, Social Studies
9th -
12thgrade
Economic Systems
19 questions
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- 1. Multiple ChoiceA command economy is when the government is in control.TrueFalse
- 2. Multiple Choice
What is an economic system where only the government makes the economic decisions?
traditional economy
free enterprise
mixed economy
command economy
- 3. Multiple Choice
What type of economy do most countries in the world have?
Market economy
Command economy
Traditional economy
Mixed economy
- 4. 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
- 5. Multiple Choice
The government has little to no role in the production of goods in this type of economy.
Traditional
Mixed
Command
Market
- 6. Multiple Choice
The government gets to decide who gets what
Traditional
Command
Mixed
Market
- 7. Multiple Choice
Based on traditions
Command
Traditional
Market
Mixed
- 8. Multiple Choice
Businesses have freedom to produce whatever they think consumers will buy
Market
Command
Mixed
Traditional
- 9. Multiple Choice
Business FREEDOM
Command
Market
MIxed
Traditional
- 10. Multiple Choice
A command economy is when the government is in control.
True
False
- 11. Multiple Choice
Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
Command
Traditional
Market
Mixed
- 12. Multiple Choice
In a command economy, who holds power over the economy?
The people
The government
Beyonce
The traditions of your ancesetors
- 13. Multiple ChoiceWhat are the three economic questions?What to produce? How to produce? For whom to produce?Who to produce? Why you produce? Like to produce?Why to produce? Tell who to produce? Things to produce?
- 14. Multiple ChoiceEach society must determine how to best use its_______PeopleLandNatural ResourcesAll of the above
- 15. Multiple ChoiceA garbage truck driver is an example of which Factor of Production?laborlandentrepreneurshipcapital
- 16. Multiple ChoiceThe term, "land" means:The natural resources used to produce goods or services.Work the people do to produce goods and services.Goods not created for their own use, but to make other goods/services.Person who organizes the factors of production to produce goods/services; business owners.
- 17. Multiple ChoiceWhich activity is an example of investing in physical capital by a company?constructing a new factorythrowing away old delivery trucksgiving workers more time off to resttraining workers to do their jobs better
- 18. Multiple ChoiceWhat is an entrepreneur?A person who starts a new business.A leader of a country.A worker in a factory.A student in college.
- 19. Multiple ChoiceWhich is an example of investment in human capital?trucksfactorieseducationhighways
- Answer choicesTagsAnswer choicesTags