Chapter 2 Section 1 Quiz (Answering The Three Economic Questions)

6 Questions | Total Attempts: 1684

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Economics Quizzes & Trivia

Welcome to chapter two of our ongoing analysis on the social science of economics, the study which looks at how economic agents behave and interact with one another, and how economies work in general. There are some key questions you need to be able to answer if you want to understand economics to the full extent, and in the following quiz, we’re going to look at what they are!


Questions and Answers
  • 1. 
    Each society determines who will consume what is produced based on 
    • A. 

      Its unique combination of social values and goals

    • B. 

      Economic equality

  • 2. 
    To improve its standard of living, a nation's economy must
    • A. 

      Grow through innovation

    • B. 

      All the central government to make economic decisions

  • 3. 
    Traditional economies are usually
    • A. 

      Large, widespread communities that are able to deal effectively with environmental disaster

    • B. 

      Small, close communities that avoid change and new technology

  • 4. 
    An economy in which only the government makes economic decisions is a 
    • A. 

      Traditional economy

    • B. 

      Centrally planned economy

  • 5. 
    Pure market economies always
    • A. 

      Base economic decisions on exchange, or trade

    • B. 

      Divide work along gender lines