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WorksheetsEco review of Chap 2
Total questions: 70
Worksheet time: 38mins
Name
Class
Date
1.
An economic decision where the government makes all the decisions is called a
a)
Centrally planned economy
b)
command economy
c)
market economy
d)
free market economy
2.
this political system requires complete and absolute obediance to those in power...
a)
authoritarian
b)
capitalism
c)
socialism
d)
libertarian
3.
this type of economy is where the central government makes all economic decisions
a)
free market
b)
traditional
c)
centrally planned
d)
market
4.
the guy who invented communism
a)
preston smith
b)
karl marx
c)
adam smith
d)
adolf hitler
5.
an economic system where families, clans, or tribes make decisions based on what was done in previous generations is called...
a)
free market
b)
traditional
c)
generational
d)
genealogical
6.
this is an economic system where the government owns some or all of the factors of production
a)
socialism
b)
capitalism
c)
free market
d)
communism
7.
any place where people buy and sell goods and services is called a...
a)
market
b)
product
c)
factors
d)
amazon
8.
______ is an economic system in which the government owns all the factors of production and there is little or no political freedom
a)
democracy
b)
anarchy
c)
angletonism
d)
communism
9.
the way people use resources to satisfy its wants is called...
a)
factor market
b)
traditional economy
c)
economic system
d)
communism
10.
an economic system where individual choice and voluntary exchange is used to make economic decisions is called a...
a)
command economy
b)
traditional economy
c)
centrally planned economy
d)
market economy
11.
this is an economic based system that is based on private ownership of the factors of production
a)
communism
b)
joint custody
c)
capitalism
d)
nationalization
12.
this is a situation where people concentrate their efforts in the activities that they do best
a)
specialization
b)
individuality
c)
competition
d)
profit
13.
this is the financial gain a seller makes from a business transaction
a)
checking account
b)
profit
c)
savings account
d)
factor market
14.
this is the principle that the government should not interfere in the market place
a)
laissez faire
b)
specialization
c)
communism
d)
competition
15.
this market is where goods and services are bought and sold...
a)
product market
b)
farmers market
c)
voluntary exchange
d)
specialization
16.
this market is where land labor, capital, and entrepreneurship is located or bought and sold
a)
product market
b)
factor market
c)
voluntary exchange
d)
competition
17.
this means to change from private ownership to government or public ownership
a)
nationalize
b)
privatize
c)
socialize
d)
jazzercise
18.
this involves all the actions sellers do to get buyers to purchase their products instead of others
a)
profit
b)
specialization
c)
competition
d)
portfolio
19.
this is a trade in which both traders believe that what they are getting is worth more than what they are giving up...
a)
factor market
b)
product market
c)
trade deficit
d)
voluntary exchange
20.
this is a tool that helps economists understand how market economies work
a)
factor market
b)
hammer
c)
circular flow market
d)
saving account
21.
this is the idea that consumers have the ultimate control over what is produced because they are free to buy what they want and to reject what they don't want
a)
voluntary exchange
b)
circular flow model
c)
consumer sovereignty
d)
competition
22.
this type of economy has elements from traditional, command, and market...
a)
traditional economy
b)
command economy
c)
free market economy
d)
mixed economy
23.
to ________ means to change from government or public ownership to private ownership
a)
nationalize
b)
privatize
c)
diversify
d)
specialization
24.
______ refers to all the economic interactions that cross international boundaries
a)
global economy
b)
amazon
c)
internationalism
d)
overseas diversification
25.
which of these economies is most likely to become extinct because of the lack of young people to continue with the economy ways
a)
command economy
b)
free market economy
c)
traditional economy
d)
capital economy
26.
why must a command economy have an autoritarian government
a)
it is in the constitution
b)
so they can enforce their harsh economic tactics
c)
bloodlines of royalty demand it
d)
it was voted on by the people
27.
the major feature of a command economy is a lack of ____________
a)
money
b)
citizens
c)
regulations
d)
freedom
28.
an example of intellectual property would be...
a)
a pet penguin
b)
specialization
c)
a new song
d)
ipad
29.
an example of intellectual property would be...
a)
self driving car
b)
an idea for a new invention
c)
solar panels on house
d)
a multi national company
30.
sprint vs verizon
a)
specialization
b)
competition
c)
private property
d)
consumer sovereignty
31.
You can call an electrician when you blow out your power because only he can fix the problem
a)
private property
b)
voluntary exchange
c)
government involvement
d)
specialization
32.
I bought dj equipment to get lit and the seller was happy with the money he made
a)
government involvement
b)
voluntary exchange
c)
private property
d)
consumer sovereignty
33.
my house is my own so I can decorate it however I want.
a)
private property
b)
specialization
c)
consumer sovereignty
d)
voluntary exchange
34.
duran's BBQ can sell us any type of meat as it's labeled and kept at the right temperature according to the health department
a)
Private property
b)
profit
c)
government involvement
d)
consumer sovereignty
35.
Chili's vs Roadhouse
a)
profit
b)
competition
c)
private property
d)
consumer sovereignty
36.
Nike charges $200 for shoes that cost $25 minutes to make
a)
government involvement
b)
voluntary exchange
c)
profit
d)
consumer sovereignty
37.
I can own a peacock because because they are so pretty!
a)
specialization
b)
consumer sovereignty
c)
private property
d)
voluntary exchange
38.
Marissa has to go to the doctor for the strange fungus on her toes because only the doc can cure it... or amputate the funky toes!!!
a)
specialization
b)
voluntary exchange
c)
Government involvement
d)
private property
39.
at your dad's construction company, he can build whatever he wants but the federal housing commissioner makes him follow all safety and building codes
a)
private property
b)
government involvement
c)
consumer sovereignty
d)
voluntary exchange
40.
you can buy all your clothes from Ebay, good will, or make them yourself.
a)
profit
b)
specialization
c)
government involvement
d)
consumer sovereignty
41.
I buy a truck that is cool and the seller gets a price that she is happy with
a)
government involvement
b)
profit
c)
voluntary exchange
d)
private property
42.
I can spend my whole paycheck on chicken nuggets and sno-cones.
a)
consumer sovereignty
b)
profit
c)
voluntary exchange
d)
private property
43.
Dell charges $1000 for a laptop that costs $57 to make
a)
profit
b)
government involvement
c)
private property
d)
consumer sovereignty
44.
This type of economy would appear in an Amazon or African jungle
a)
Traditional economy
b)
command economy
c)
market economy
d)
mixed economy
45.
Most countries in the world have this type
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
46.
complete freedom would be a characteristic of this economy
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
47.
Strict rules and government regulations on all economic decisions...
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
48.
Private ownership of all goods and resources
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
49.
United States
a)
Traditional economy
b)
command economy
c)
market economy
d)
mixed economy
50.
North Korea and China
a)
Traditional Economy
b)
Command economy
c)
Market economy
d)
Mixed economy
51.
Customs and rituals guide this type of economy
a)
Tradtional economy
b)
command economy
c)
market economy
d)
mixed economy
52.
We get to make our own economic decisions as long as we follow government regulation in this economy
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
53.
Saddam Hussein or Fidel Castro would run one of these economies
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
54.
Saddam Hussein or Fidel Castro would run one of these economies
a)
traditional economy
b)
command economy
c)
market economy
d)
mixed economy
55.
The self-regulating nature of the marketplace is called
a)
self-interest
b)
the invisible hand
c)
equity
d)
competition
56.
The circular flow model of a mixed economy shows
a)
only how firms and households interact
b)
the physical flow and monetary flow between households and firms in both the product and factor markets
c)
how government interacts with households and firms in the product and factor markets
d)
how taxes and profits are related
57.
The government decides which goods and services will be produced in a
a)
market economy
b)
mixed economy
c)
fluctuating economy
d)
command economy
58.
Which is a key economic question faced by all countries?
a)
How big should the army be?
b)
How much money should be raised in taxes?
c)
How may schools should be built?
d)
How should goods and services be produced.
59.
Competition and self-interest are two important forces in
a)
free market economies
b)
traditional economies
c)
centrally-planned economies
d)
communist economies
60.
In a traditional economy, economic decisions are based largely on
a)
science
b)
custom
c)
socialism
d)
technology
61.
The free enterprise system of the United States is best described as a
a)
free market economy
b)
traditional economy
c)
mixed economy on the side of centrally planned
d)
mixed economy on the side of free market
62.
It is possible for communism to exist in a democracy.
a)
True
b)
False
63.
To change from government ownership to private ownership
a)
Nationalize
b)
Privatize
64.
To change from private ownership to government ownership
a)
Nationalize
b)
Privatize
65.
In the Circular Flow Model, what is something that households would provide to businesses through the Resource Market at the bottom?
a)
taxes
b)
money
c)
labor
d)
goods and services
66.
In the Circular Flow Model, what is something that households give to businesses on top through the Product Market?
a)
Taxes
b)
Income Payments
c)
Money Payments
d)
Goods and Services
67.
In the Circular Flow Model, what is something that businesses would provide to the government in exchange for a good or service?
a)
Taxes
b)
Goods and Services
c)
Labor
d)
Land
68.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
69.
What do businesses provide for consumers according to the circular flow model?
a)
goods and services
b)
only goods
c)
only services
d)
taxes
70.
In the circular flow model, the product market describes _____.
a)
stores that sell goods and services to households
b)
the government paying for public goods
c)
households selling their labor to businesses
d)
households receive income from businesses
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