Social Studies/Economics Of World Communities
This is a social studies quiz about economic systems based on chapter 7 of NYS Social Studies Coach Grade 5.
- 1.Define market economy.
- A.
An economy based on private ownership of businesses, supply/demand production, advanced technolgy, and competition.
- B.
An economy based on bartering, and haggling.
- C.
An economy based on families, local communities, and government.
- D.
An economy like China's.
- E.
None of the above
- 2.What is a natural resourece?
- A.
Railroad
- B.
Water
- C.
Telephone
- D.
Oil
- E.
B and D
- 3.Global interdependence means?
- A.
The US has more natural resources than Europe.
- B.
A customer in Australia has wheaties for breakfast with sugar made in Cuba.
- C.
Nations rely on each other to provide products and services
- D.
B and C above
- E.
None of the above.
- 4.A command economy is
- A.
Like the Cuba's economy..
- B.
One in which the government makes all economic decisions.
- C.
Like the US economy.
- D.
One which private businesses flourish.
- E.
.A and B above
- 5.What are the three basic needs?
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