Font size
S
M
L
XL
WorksheetsEconomic Systems
Total questions: 84
Worksheet time: 59mins
Name
Class
Date
1.
Producers determine supply. Consumers determine demand. Companies seek profits. Which economic system is described above?
a)
Traditional Economy
b)
Free Enterprise Economy
c)
Socialist Economy
d)
Communist Economy
2.
In Indonesia, the government owns large industries and sets some prices. Private individuals also do business. Which economic system is described above?
a)
Traditional
b)
Free Enterprise
c)
Socialist
d)
Communist
3.
Which is the central characteristic of a free market economy?
a)
The government owns the means of production
b)
All wage earners are paid the same amount
c)
Labor unions are prohibited
d)
Businesses are driven by the desire for profits
4.
In which economic system would you expect the widest selection of consumer goods?
a)
Traditional
b)
Free Enterprise
c)
Socialist
d)
Communist
5.
In a traditional economy, information about the way goods are produced is passed from one generation to the next by the –
a)
family
b)
legal system
c)
public schools
d)
government
6.
Which is the major feature of an economy based on subsistence farming?
a)
Most adults work outside the home
b)
Farmers compete with each other
c)
Farmers raise just enough crops for their family to survive
d)
The government decides which crops should be grown
7.
Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?
a)
farmers
b)
government officials
c)
consumers
d)
business leaders
8.
In a socialist economic system, the government –
a)
has little say in what goods are made
b)
does not influence the distribution of goods and services
c)
guarantees all consumers a high income
d)
often owns major businesses
9.
Which statement describes an aspect of a traditional economy?
a)
Profit motivates individuals to set up private businesses
b)
The interplay of supply and demand regulates prices
c)
Tradition and customs greatly influence economic decisions
d)
Government directs and controls the means of production
10.
Which forces play the greatest role in determining the distribution of goods and services in a free enterprise economic system?
a)
court rulings and expert opinions
b)
government officials and military needs
c)
producer supply and consumer demand
d)
village elders and community tradition
11.
An essential characteristic of a communist economy is the –
a)
interaction of supply and demand
b)
organization of worker unions
c)
privatization of business
d)
government ownership of property
12.
Which of the following is NOT a function of the government in a command economy?
a)
regulating demand
b)
regulating supply
c)
regulation distribution
d)
regulating international trade
13.
Which of the following is true?
a)
Economic freedom is most limited in a market economy.
b)
Competition is a key factor in all the economies.
c)
Central authority is strongest in a command economy.
d)
The profit motive drives all businesses in a traditional economy.
14.
Which of the following best describes the primary role of an economic system?
a)
The response to market failure
b)
To address equity concerns to improve fairness
c)
To determine the allocation of limited resources
d)
To protect domestic producers from foreign competition
15.
Which of the following is a basic characteristic of England’s market economy?
a)
The government owns or controls the means of production
b)
The economy is dependent on subsistence farming
c)
Consumer demand determines what is to be produced
d)
Government agencies set wages and prices
16.
A command economy is when the government is in control.
a)
True
b)
False
17.
Which of the following countries has a command economy?
a)
USA
b)
France
c)
N Korea
d)
Germany
18.
Individuals have freedom in a command economy.
a)
True
b)
False
19.
In a command economy, individuals own the businesses.
a)
True
b)
False
20.
Which of the following is an example of a type of mixed economy?
a)
communism
b)
socialism
c)
free enterprise
d)
all of the above
21.
What is an economic system characterized by central authority that makes most of the major economic decisions?
a)
traditional economy
b)
free enterprise
c)
mixed economy
d)
command economy
22.
What is an economic system in which the government owns some factors of production and has a role in determining what and how goods are produced?
a)
capitalism
b)
market
c)
socialism
d)
economic system
23.
Which of the following countries are/were command economies?
a)
N Korea
b)
Cuba
c)
Vietnam
d)
All of the above
24.
What is the conversion of state owned factories and other property to private ownership?
a)
vouchers
b)
collectivization
c)
black market
d)
privatization
25.
America has a command economy.
a)
True
b)
False
26.
In a traditional economy, roles and jobs are passed from generation to generation.
a)
True
b)
False
27.
Which of the following is a problem with transitioning to capitalism?
a)
It generates wealth.
b)
People have to adjust to incentives.
c)
There is an increase in GDP per capita.
d)
All of the above.
28.
In a market economy, ____________ decides what needs to be made.
a)
consumer
b)
producer
c)
the government
d)
everyone
29.
How does a market economy work?
a)
divide and conquer
b)
supply and demand
c)
hide and seek
d)
none of the above
30.
Government owns all industries.
a)
Socialism
b)
Communism
c)
Capitalism
31.
The Government runs some basic industries.
a)
Socialism
b)
Communism
c)
Capitalism
32.
They wanted some government interferance
a)
Socialism
b)
Communism
c)
Capitalism
33.
Is this shelter a want or a need?
a)
Want
b)
Need
34.
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
35.
China and Cuba are examples of this economic system
a)
Capitalism
b)
Mixed
c)
Socialism
d)
Communism
36.
They wanted to spread the wealth evenly.
a)
Socialism
b)
Communism
c)
Capitalism
37.
The money that remains after all the costs of production have been paid.
a)
Loss
b)
Supply
c)
Profit
d)
Tax
38.
Money that the government collects from individuals and businesses to pay for public goods and services
a)
Profit
b)
Tax
c)
Service
d)
Loss
39.
The people who do the labor. Anyone who works.
a)
Human Resource
b)
Renewable Resource
c)
Supply
d)
Demand
40.
Resources that can be replaced or renewed like wood, plastic, and rubber.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Capital Resources
41.
Work done for a fee.
a)
Goods
b)
Service
c)
Tax
d)
Profit
42.
When someone or a business chooses to specialize or produce certain items.
a)
Entrepreneur
b)
Economics
c)
Voluntary Exchange
d)
Specialization
43.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
44.
When 2 people make a trade and feel they are better off because of that exchange.
a)
Tax
b)
Voluntary Exchange
c)
Economics
d)
Specialization
45.
Something that encourages a person to take a certain action.
a)
Tax
b)
Entrepreneur
c)
Incentive
d)
Specialization
46.
Resources found in nature like air, soil, sunshine, water, coal, plants, and animals.
a)
Human Resources
b)
Natural Resources
c)
Nonrenewable Resources
d)
Capital Resources
47.
The study of how people choose to use their resources
a)
Incentive
b)
Economics
c)
Entrepreneur
d)
Specialization
48.
Anyone who buys a good or service.
a)
Barter
b)
Loss
c)
Consumer
d)
Producer
49.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
50.
Resources that are made by people to make other things.
a)
Renewable Resources
b)
Capital Resources
c)
Human Resources
d)
Natural Resources
51.
Anyone who makes or grows a good or performs a service.
a)
Barter
b)
Consumer
c)
Producer
d)
Profit
52.
To trade.
a)
Taxes
b)
Barter
c)
Service
d)
Producer
53.
Resources that can't be replaced like oil, gold, and silver. Once they are taken out of the ground, they can't grow back or be replaced.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Natural Resources
54.
When it costs more to make a good than what you sell the good for.
a)
Loss
b)
Profit
c)
Tax
d)
Service
55.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
56.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
57.
There are four types of economic systems. Most economies are _____.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
58.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
59.
This type of government typically goes with the Command Economy.
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
60.
The government has little to no role in the production of goods in this type of economy.
a)
Traditional
b)
Mixed
c)
Command
d)
Market
61.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.
a)
desire
b)
demand
c)
supply
d)
scarcity
62.
_______ is another word for Market Economy.
a)
Capitalism
b)
Communism
63.
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
64.
In this type of economy, the government places control on businesses, but the individual decides what to make.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
65.
A free enterprise system is one in which-
a)
The government owns and operates all of the businesses and industries
b)
Private citizens own and operate most of the businesses and industries
66.
what is a trade barrier?
a)
the level of a product’s quality that is considered acceptable
b)
a restraint on trade
c)
A government order that limits trade in some way.
d)
The level of wealth, comfort, material goods and necessities available
67.
the total value of goods and services in a country
a)
GDP
b)
subsidy
c)
import
d)
embargo
68.
Quota is
a)
A limit on imported goods
b)
A tax on imported goods
c)
An estimate of imported goods
69.
A tax on goods a country imports
a)
Quota
b)
Tariff
c)
Subsides
d)
Embargoes
70.
embargo is
a)
an official limit on the number or amount of things that are allowed
b)
a tax on goods coming into or leaving a country
c)
A government order that ends trade in some way.
71.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
72.
A person who owns a business is called....
a)
an entrepreneur
b)
a representative
c)
an educator
73.
When there is very little left of a product or service it is called ________.
a)
Trade-offs
b)
Opportunity Cost
c)
Scarcity
74.
If the buyer has a choice about what he or she wants to buy, we say they are a part of a ________________________.
a)
goods
b)
services
c)
scarcity
d)
free market economy
75.
If the literacy rate of a country is high, is the standard of living generally high or low?
a)
High
b)
Low
76.
What can cause a country to have a low literacy rate?
a)
Uneducated citizens
b)
Lack of educational opportunity
c)
Lack of resources (poverty)
d)
all of these
77.
Import
a)
Selling things to another country for a profit.
b)
Purchasing items from another country
c)
Giving things to another country.
d)
Getting things from another country
78.
Export
a)
Selling things to another country for a porfit.
b)
Giving things to another country for free.
c)
Purchasing things from another country.
d)
Getting things from another country.
79.
Which of the following is an example of an export for the USA?
a)
America sells paper to Germany
b)
Germany sells printers to America
c)
America sells printers to central Florida
d)
South Africa buys meat from Chile
80.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancesetors
81.
Which type of economy does not always use money?
a)
Market
b)
Traditional
c)
Command
d)
Mixed
82.
Which type of economy is based on traditions and beliefs?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
83.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
84.
Four types of economic systems:
a)
Traditional, command, market, mixed
b)
Traditional, command, combined, market
c)
Communism, capitalism, free market, macroeconomics
d)
Microeconomics, macroeconomics, individual, traditional
Reset
