Worksheets1.2 ~ Economic Decisions.Economic Systems
Total questions: 31
Worksheet time: 11mins
Name
Class
Date
1.
Soil, minerals, air, water, and coal are all examples of
a)
natural resources
b)
Conservation
c)
recycling
2.
Oil, natural gas, and coal are called ________resources.
a)
fossil fuels
b)
conservation
c)
natural
3.
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms, Johnny is facing the problem of:
a)
Shortage
b)
Scarcity
c)
Unemployment
d)
Marginal costs
4.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantities and services are not.
b)
Goods are tangible and services are not.
c)
Services are available in unlimited quantities and goods are not.
d)
Goods help satisfy unlimited wants and services do not.
5.
A service is something that something that someone does for you. Which one is a service?
a)
You get a hair cut.
b)
You go shopping at Walmart and purchase a new game system.
c)
You visit your doctor and buy a A set of false teeth.
6.
A good is something you buy and consume. Which of the below is a good?.
a)
Sara visited the dentist for a checkup and it cost $25.
b)
You take cruise to the Bahamas.
c)
Your Mom takes you to Pizza Hut and you buy pizza to eat.
d)
Your pay a visit to the PA State Museum and see the Dinosaur Exhibit.
7.
A service is something that someone does for you. A good is a something you buy and consume. Tell which is a good AND a service.
a)
You buy a book and the author signs it.
b)
You get a hair cut.
c)
You won a book at the book fair.
d)
Your brother sells you his old bike.
8.
A good is something you buy and consume. Tell which is a good:
a)
You buy cookies from Mrs. Greenwood in the cafeteria.
b)
Mrs. Jones ask you to wash the tables.
c)
You hire someone to braid your hair.
d)
You ask a friend to shampoo your living room carpet.
9.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
10.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
11.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision.
b)
The price you pay to purchase something.
c)
The benefit you gain by making a decision.
d)
The amount of debt you take on by making a decision.
12.
Which of the following is a need?
a)
clothes
b)
car
c)
smart phone
13.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
14.
Is shelter a want or a need?
a)
Want
b)
Need
15.
Is shelter a want or a need?
a)
Want
b)
Need
16.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
17.
Actions in this type of economy relate to ritual, habit and custom.
a)
Traditional
b)
Command
c)
Market
18.
This economic system does not meet the needs and wants of citizens because the central authority makes all decisions, rather than the individual.
a)
Traditional
b)
Command
c)
Market
19.
This economic system discourages new ideas or change.
a)
Traditional
b)
Command
c)
Market
20.
This economic system provides a high degree of consumer satisfaction because individuals make most of the decisions.
a)
Traditional
b)
Command
c)
Market
21.
“Our grandmothers taught us to weave, and we have taught our daughters.” - Name that system!
a)
Traditional
b)
Command
c)
Market
22.
“We slaughter the hogs because the government tells us to. I hate this job. I’d rather be a carpenter.” - Name that system!
a)
Traditional
b)
Command
c)
Market
23.
“We slaughter hogs better than any of our competitors!” - Name that system!
a)
Traditional
b)
Command
c)
Market
24.
“We’ve been quilting for our community for decades. We’re very talented.” – Name that system!
a)
Traditional
b)
Command
c)
Market
25.
“We wait for the government to give us rations of meat, but there is never enough.” – Name that System!
a)
Traditional
b)
Command
c)
Market
26.
“Goods are moving in and out of our country every day because of consumer demand.” – Name that System!
a)
Traditional
b)
Command
c)
Market
27.
The study of how society allocates scarce resources.
a)
Microeconomics
b)
Macroeconomics
c)
Scarcity
d)
Economics
28.
Opportunity cost is...
a)
The additional benefit received from the consumption of the next unit of a good or service.
b)
The value of the sacrifice made to pursue a course of action.
c)
The next unit, or increment, of an action.
29.
The resource that includes equipment, machinery, buildings, and tools.
a)
Land
b)
Labor
c)
Capital
30.
This economic system is based on competition, profits, and self-interest.
a)
Socialism
b)
Communism
c)
Capitalism
31.
The employees who work in your factory are considered _________ resources.
a)
Natural
b)
Credit
c)
Capital
d)
Human
100 %
