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WorksheetsBodamer Economics Ch 2
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
1. Level of economic prosperity.
a)
Standard of Living
b)
Economic System
c)
Profit
d)
Self-Interest
2.
The power of consumers to decide what gets produced.
a)
Market
b)
Consumer Sovereignty
c)
Command Economy
d)
Specialization
3.
A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government.
a)
Socialism
b)
Free Enterprise
c)
Communism
d)
Traditional Economy
4.
“Hands-off”
a)
Traditional Economy
b)
Laissez Faire
c)
Free Enterprise
d)
Incentive
5.
The concentration of the productive efforts of individuals and firms on a limited number of activities.
a)
Specialization
b)
Firm
c)
Profit
d)
Mixed Economy
6.
The financial gain made in a transaction.
a)
Profit
b)
Competition
c)
Firm
d)
Market
7.
The income people receive for supplying factors of production, such as land, labor or capital.
a)
Profit
b)
Factor Payments
c)
Incentive
d)
Free Enterprise
8.
Economic system in which a central authority is in command of the economy.
a)
Command Economy
b)
Mixed Economy
c)
Centrally Planned Economy
d)
Traditional Economy
9.
Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.
a)
Centrally Planned Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Market Economy
10.
The method used by a society to produce and distribute goods and services.
a)
Free Enterprise
b)
Consumer Sovereignty
c)
Economic System
d)
Market
11.
An economic system characterized by private or corporate ownership of capital goods.
a)
Free Enterprise
b)
Socialism
c)
Communism
d)
Mixed Economy
12.
A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.
a)
Free Enterprise
b)
Centrally Planned Economy
c)
Communism
d)
Socialism
13.
An arrangement that allows buyers and sellers to exchange things.
a)
Frim
b)
Market
c)
Consumer Sovereignty
d)
Free Enterprise
14.
An organization that uses resources to produce a product, which it then sells.
a)
Firm
b)
Market
c)
Consumer Sovereignty
d)
Free Enterprise
15.
The struggle among producers for the dollars of consumers.
a)
Competition
b)
Market
c)
Firm
d)
Profit
16.
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
a)
Market Economy
b)
Traditional Economy
c)
Centrally Planned Economy
d)
Mixed Economy
17.
Market-based economic system with limited government involvement.
a)
Traditional Economy
b)
Command Economy
c)
Market Economy
d)
Mixed Economy
18.
One’s own personal gain.
a)
Self-Interest
b)
Profit
c)
Firm
d)
Free Enterprise
19.
Economic system in which the central government makes all decisions on the production and consumption of goods and services.
a)
Command Economy
b)
Centrally Planned Economy
c)
Mixed Economy
d)
Market Economy
20.
An expectation that encourages people to behave in a certain way.
a)
Self-Interest
b)
Incentive
c)
Competition
d)
Profit
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