WorksheetsEconomic systems PV
Total questions: 40
Worksheet time: 1hrs 12mins
Name
Class
Date
1.
I am going to do the best i can and take my time answering each question.
a)
True
b)
False
2.
There are four types of economic systems. Most economies are _____.
a)
Traditional, Free enterprise, Socialist, and Communist
b)
Traditional, Socialist, Communist, Republican
c)
Free Enterprise, Communist, Democratic, and Socialist
d)
Communist, Socialist, Free enterprise, and Entrepreneurship
3.
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
4.
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
a)
Traditional
b)
Free enterprise
c)
Socialist
d)
Communist
5.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
6.
If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
a)
free enterprise
b)
socialist
c)
Traditional
d)
Communist
7.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
free enterprise
b)
Socilaism
c)
communist
d)
traditional
8.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
free enterprise economy
b)
Communist economy
c)
Traditional economy
d)
socialist economy
9.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods and services will be produced?
b)
What is the price of the goods?
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
10.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
free enterprise
c)
Communist
d)
socialist
11.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Laborer
c)
Specialization person
d)
land person
12.
Scarcity is defined when a product is HARD to get. What happens to the price of the product when the item is scarce?
a)
Price Increases
b)
Price Decreases
13.
When there are a surplus of items, the product is easy to get. What happens to the price of these products?
a)
Price Increases
b)
Price Decreases
14.
If there ____ people who want the goods available, there is a ______.
a)
aren't many, high demand
b)
many, low demand
c)
aren't many, low demand
15.
Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____.
a)
many, high demand
b)
aren't many, high demand
c)
no, still a high demand
d)
many, low demand
16.
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
17.
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.
18.
This country employs a communist economy with elements of free enterprise:
a)
China
b)
North Korea
c)
USA
d)
Canada
19.
What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce?
a)
free enterprise
b)
socialist
c)
communist
d)
Traditional
20.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
free market
b)
socialist
c)
communist
d)
Traditional
21.
What type of economic system is based on customs and beliefs?
a)
free enterprise
b)
socialist
c)
Traditional
d)
communist
22.
Democracies like Russia, UK and Germany have what type of economic systems?
a)
free market
b)
socialist
c)
Traditional
d)
communist
23.
Tangible and intangible items people produce to sell
a)
consumers
b)
producers
c)
goods and services
d)
opportunity costs
24.
Another name for a tax placed on imported goods is what?
a)
Embargo
b)
Tariff
c)
Blockade
d)
Quota
25.
What term describes the tools and technology used to make a product?
a)
capital
b)
labor
c)
land
d)
entrepreneurship
26.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
27.
If a country has a high literacy rate, how does it affect standard of living?
a)
It does not affect it.
b)
It is also high.
c)
It is lower.
d)
It does nothing.
28.
Which of the following would happen only in a communist economy?
a)
A.The government promotes competition
b)
The government provides incentives for innovation
c)
The government emphasizes the production of consumer goods
d)
The government controls all business activities
29.
True or False: An economic system explains how a society makes and sells products.
a)
True
b)
False
30.
The United States practices
a)
traditionalism
b)
pure socialism
c)
pure communism
d)
free enterprise
31.
A fishing village would be an example of which economic system:
a)
socialism
b)
Communist
c)
Free Enterprise
d)
Traditional
32.
What word means that there's plenty of something; there's enough for everyone who wants to buy it?
a)
high demand
b)
scarcity
c)
availability or supply
33.
Which word means a business doing something for another such as cleaning?
a)
Good
b)
Service
c)
enterprise
34.
Which word means an actual item that can be touched or you can take home?
a)
good
b)
service
c)
account
35.
Which word means a good or a service?
a)
consumer
b)
food
c)
Product
36.
Which word means to go up?
a)
Decrease
b)
Increase
c)
Speng
37.
Scarcity is NEVER a big problem.
a)
True
b)
False
38.
Scarcity is not having enough of something.
a)
True
b)
False
39.
Which describes a society with a traditional economy?
a)
Is is based on doing things the way they were done in the past.
b)
It is located in a large urban area.
c)
It is organized in a large urban area.
d)
It is heavily dependent on industry.
40.
What is the central characteristic of a free enterprise economy.
a)
Government owns the means of production.
b)
All wage earners are paid identical amounts.
c)
The existence of labor unions is prohibited.
d)
Business owners are motivated by a desire for profit.
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