WorksheetsEconomic Understandings SS7E8
Total questions: 21
Worksheet time: 7mins
Name
Class
Date
1.
Someone that takes risks and opens his or her own business.
a)
Buyer
b)
Capital Good
c)
Consumer
d)
Entrepreneur
2.
Which would be a problem for a country with a traditional economy?
a)
The supply of cash runs short in times of economic crisis.
b)
People find they can trade services more easily than goods.
c)
A farmer having an especially good year with lots of grain to trade.
d)
People need things and are unable to barter to obtain them.
3.
In a command economy, how are economic decisions made?
a)
Custom and habit.
b)
Government planners
c)
Consumers and the markets.
d)
Combination of consumers and government planners.
4.
Why do most economies today operate somewhere between a market economy and a command economy?
a)
Government control makes a market economy more profitable.
b)
Most consumers prefer government control to a free market system.
c)
Government control of some aspects of the economy has never been successful in the modern world.
d)
Most economies have found they need a mix of free markets and some government control to be successful.
5.
Which country has a command economy?
a)
China
b)
Japan
c)
North Korea
d)
South Korea
6.
Custom and___________ form a ___________ economy.
a)
Habit, Traditional
b)
Tradition, Free Market
c)
Collective Farms, Mixed
d)
Free Markets, Laissez-faire
7.
People in a traditional economy will use _________ to obtain goods.
a)
Government
b)
Entrepreneurs
c)
Capitalism
d)
Bartering
8.
A mixed economy is a combination of which two?
a)
Traditional & command
b)
Command & market
c)
Market & Traditional
d)
None of the above
9.
In a market economy, how are economic decisions made?
a)
Government planners & customs
b)
Custom and habit.
c)
Government planners
d)
Buyers & sellers
10.
Which is a type of capital good?
a)
nurse
b)
tree
c)
engineer
d)
hammer
11.
Anything that slows down or prevents one country from exchanging goods with another
a)
import
b)
export
c)
trade barrier
d)
opportunity cost
12.
India and Japan have invested in factories, machinery, and technolgoy. They have invested in..
a)
human capital
b)
capital goods
c)
natural resources
d)
imports
13.
Economy based on private ownership, free trade, and competition
a)
Traditional
b)
Mixed
c)
Market
d)
Command
14.
Total market value of all goods and services produced in a country in a given year
a)
Literacy
b)
GDP
c)
Inflation
d)
Wages
15.
Economics is making decisions about how to allocate limited resources to acquire our ___ wants
a)
scarce
b)
restricted
c)
limited
d)
unlimited
16.
Saudi Arabia puts a LIMIT on how many vehicles Japan can ship to their country. This is an example of:
a)
Quota
b)
Embargo
c)
Tariff
d)
Specialization
17.
Japan was known for making automobiles and technological computers/machines this is known as..
a)
human capital
b)
capital goods
c)
natural resource
d)
specialization
18.
What is South Africa's main export?
a)
Gold, platinum, diamonds
b)
oil
c)
textiles
d)
automobiles
19.
What is Nigeria's main export?
a)
gold, platinum, diamonds
b)
textiles
c)
automobiles
d)
oil
20.
The GDP of a country is influenced by its literacy rate
a)
True
b)
False
21.
The natural resources of a country does not influence its GDP.
a)
True
b)
False
100 %
