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Economics Quiz

Quiz by Jason Webb

Grade 7
Social Studies
North Carolina Standard Course of Study

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13 questions
Show answers
  • Q1
    how society uses resources to satisfy people's wants
    Economic system
    Socialism
    Capitalism
    Specialization
    300s
  • Q2
    All of the following are characteristics of Capitalism except...
    free competition
    private ownership of property
    governmental control of businesses
    investing for profit
    30s
  • Q3
    system having private ownership of factors of production; says producers will create products consumers demand
    Socialism
    Communism
    Traditional Economy
    Capitalism
    30s
  • Q4
    Who controls the economy in a command economy?
    Buyers and sellers control the economy.
    Buyers and sellers and the government control the economy
    Customs and traditions
    The government decides all economic activity.
    30s
  • Q5
    people concentrate their efforts in the activities they do best.
    Economic system
    Specialization
    Profits
    Revenue
    30s
  • Q6
    Who controls the economy in a market economy?
    Government decides some economic activity
    Buyers and sellers control the economy
    Customs and traditions control the economy
    Buyers and sellers and the government
    30s
  • Q7
    An economic theory where the means of production (factories and industries) are owned and controlled by the state (Government).
    Capitalism
    Traditional Economy
    Communism
    Socialism
    30s
  • Q8
    What sets the price in a market economy?
    Government sets price
    Supply and demand
    Barter System
    30s
  • Q9
    driven by choices of consumers and producers. Capitalism is another name for this.
    Mixed Economy
    Market Economy
    Command Economy
    Traditional Economy
    30s
  • Q10
    Who/what sets the price in a command economy?
    Supply and demand
    Barter System
    Government sets price
    30s
  • Q11
    government makes economic decisions. Government owns means of production: resources and factories.
    Traditional Economy
    Command Economy
    Economic system
    Market Economy
    30s
  • Q12
    centers on families, clans, or tribes; decisions are based on customs and beliefs.
    Mixed Economy
    Market Economy
    Traditional Economy
    Command Economy
    30s
  • Q13
    has elements of traditional, command, market systems. Most common type of economic system.
    Communism
    Mixed Economy
    Traditional Economy
    Economic system
    30s

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