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WorksheetsEcon - Unit 2 Review
Total questions: 10
Worksheet time: 7mins
Name
Class
Date
1.
In a command economy, consumers answer which of the 3 questions of economics?
a)
What to produce?
b)
How to produce it?
c)
For whom to produce?
d)
None of these choices are correct
2.
In a traditional economy, how would the 3 questions of economics be answered?
a)
Existing customs and habits
b)
Government decision
c)
Producers & consumers
d)
None of these are correct
3.
Which of the following traits BEST applies to a communist economy?
a)
Variety of goods and services
b)
The ability to choose one's career
c)
Collective (government) ownership of factors of production
d)
The ability to start new businesses easily
4.
A low Gini Index is the best indicator that a country has achieved which of the economic goals?
a)
Freedom
b)
Stability
c)
Growth
d)
Equity
5.
A high GDP per capita would probably indicate that a country values which of these economic goals the highest?
a)
Freedom
b)
Growth
c)
Equity
d)
Security
6.
Which country would probably value economic freedom the most?
a)
North Korea
b)
Cuba
c)
Iran
d)
Australia
7.
Which economic goal is aimed at keeping dramatic rises and falls in average prices to a minimum?
a)
Stability
b)
Growth
c)
Efficiency
d)
Freedom
8.
In a market economy, who answers the question of "How?"
a)
Government
b)
Consumers
c)
Habits & Customs
d)
Producers
9.
Eliminating waste from the economy could be a definition for which of economic goals?
a)
Security
b)
Efficiency
c)
Freedom
d)
Growth
10.
Which of the following is a characteristic of a command economy?
a)
Large variety of goods and services
b)
Few public goods
c)
Increased competition which lowers prices
d)
Increased mobility to quickly gather resources
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