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WorksheetsEconomic Systems
Total questions: 27
Worksheet time: 27mins
Name
Class
Date
1.
In which economic system does the government have all the power?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
2.
This system is associated with the least government involvement.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
3.
This system is associated with some government-run and some privately-owned businesses.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
4.
This system is associated with barter trade and earlier times (before money existed).
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
5.
This system is associated with the ideas of Adam Smith and capitalism.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
6.
This system is associated with the ideas of Karl Marx and communism.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
7.
The United States is now categorized as this economic system.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
8.
This system only can exist in small, more isolated societies today.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
9.
China is now categorized as this economic system.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
10.
North Korea has this system, characterized as having little or no market competition.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
11.
What did Adam Smith believe about economic systems?
a)
Karl Marx was right about societies
b)
Command Economy is the best
c)
All societies should return to using traditional economies
d)
Economies work best when there is no government involvement
12.
Which one of the following words describes traditional economy?
a)
bartering
b)
government makes all the decisions
c)
capitalism
d)
jello
13.
Which one of these is not a positive aspect of government regulation
a)
health code
b)
corruption
c)
creating rules of fair trade
d)
punishing companies who violate the rules
14.
Which of the three economic systems has the most government involvement ?
a)
Market economy
b)
Mixed economy
c)
Command economy
d)
Traditional economy
15.
Which of these associations is incorrect?
a)
Capitalism is a market system
b)
Traditional economy is a command system
c)
Communism is a command system
d)
Socialism is a mixed system
16.
In which situation would you increase your price if you were a business owner?
a)
Your supply increase and your demand increase
b)
Your supply decrease and your demand increase
c)
Your demand decrease and your supply stay the same
17.
What did karl marx believe in? A. Command B. Self-interest C.Laissez-faire D.Market
a)
Command Economy
b)
Self-interest
c)
Laissez-faire
d)
Market Economy
18.
Which country was influence by Karl Marx's ideas?
a)
U.S.S.R.
b)
France
c)
U.S.
d)
Great Britain
19.
Which of the following best describes the economic policy of laissez-faire?
a)
The government should do whatever it wants
b)
Business owners and consumers should work together with the government
c)
Business owners and consumers should be allowed to act without any government involvement
d)
Everybody should learn French
20.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what?
a)
increase
b)
decrease
c)
stay the same
d)
disappear
21.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
22.
The graph illustrates a ...
a)
Demand Curve
b)
Supply Curve
c)
Equilibrium
d)
Price Ceiling
23.
If the price of an item goes down, _____ consumers will purchase that item.
a)
fewer
b)
more
c)
the same amount
24.
The more money a company can charge for a good or service, the ______ goods or services that company will want to produce or supply.
a)
more
b)
fewer
c)
the same amount
25.
The quantity of a good or service that business are willing and able to provide is
a)
demand
b)
supply
26.
the quantity of a good or service that consumers are willing and able to buy
a)
demand
b)
supply
27.
What did Adam Smith believe about self-interest?
a)
It benefits everyone
b)
It makes people greedy and selfish
c)
It's bad for the economy
d)
It benefits some people, but not others
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