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command economy

Quiz by Sarah Holmes

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11 questions
Show answers
  • Q1
    Which of the following best describes scarcity?
    Unlimited resources in relation to limited human wants and needs
    Limited resources in relation to unlimited human wants and needs
    Equal distribution of resources to satisfy human wants and needs
    Abundance of resources in relation to unlimited human wants and needs
  • Q2
    What is the opportunity cost of a decision?
    The total cost of the decision
    The value of the next best alternative foregone
    The financial cost of the decision
    The benefit gained from the decision
  • Q3
    Which of the following is an example of a scarce resource?
    Crude oil
  • Q4
    What is the relationship between scarcity and choice?
    Scarcity increases the number of available choices
    Scarcity necessitates making choices
    Scarcity has no impact on decision-making
    Scarcity eliminates the need for making choices
  • Q5
    Which of the following statements best describes a command economy?
    Individuals and businesses have complete control over economic activities.
    The government and private individuals jointly control economic activities.
    Economic activities are determined by market forces and supply-demand dynamics.
    The government controls all economic activities and resource allocation.
    Economic activities are determined by international trade agreements.
  • Q6
    Which of the following is a characteristic of a command economy?
    Centralized decision-making by the government.
    Decentralized decision-making by autonomous businesses.
    Equal income distribution among individuals.
    Free market competition and price mechanism.
    Private ownership of means of production.
  • Q7
    Which of the following is a disadvantage of a command economy?
    Promotion of entrepreneurship and market efficiency.
    Equal distribution of wealth and income.
    Efficient allocation of resources and stable prices.
    Encouragement of competition and consumer choice.
    Limited individual freedom and lack of incentive to innovate.
  • Q8
    Which of the following describes a free market economy?
    Individuals and businesses are not allowed to make economic decisions
    Individuals and businesses make their own decisions about what to produce and consume
    Consumers have no choice in what they can buy
    The government controls all production and distribution
  • Q9
    In a free market economy, prices are determined by:
    Supply and demand
    Consumer preferences
    Business monopolies
    Government regulations
  • Q10
    In a free market economy, the allocation of resources is primarily determined by:
    Government planning and directives
    Consumer demands and preferences
    Business interests and lobbying
    Market forces and price mechanism
  • Q11
    Which of the following is a characteristic of a free market economy?
    Competition among producers
    Government subsidies for industries
    Equal distribution of wealth
    Fixed prices for goods and services

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