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WorksheetsPACE 6 Economi
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Which of the following is NOT a factor of production?
a)
Labor
b)
Tariffs
c)
Natural Resources
d)
Capital
2.
Which sector includes farming?
a)
Primary
b)
Secondary
c)
Tertiary
3.
What is a tariff?
a)
a sales tax
b)
a tax on imports
c)
an income tax
d)
none of the above
4.
Which is another term for a free market economy?
a)
capitalism
b)
command economy
c)
communism
5.
Which factor of production would include land?
a)
capital
b)
entrepreneur
c)
natural resources
d)
labor
6.
Which factor of production would include workers?
a)
capital
b)
entrepreneur
c)
natural resources
d)
labor
7.
China has some private ownership with lots of government regulation. This means it has a
a)
free market economy
b)
mixed economy
c)
command economy
d)
democratic economy
8.
A person who buys or uses a good or service is known as a
a)
communist
b)
entrepreneur
c)
tariff
d)
consumer
9.
Which of the following is an advantage of a communist economy?
a)
freedom of job choice
b)
stability
c)
lower prices
d)
competition
10.
Which of the following is a disadvantage of a free enterprise economy?
a)
unemployment
b)
government provides basic needs
c)
boring
d)
lack of freedom
11.
Which country is not included in NAFTA?
a)
Mexico
b)
United States
c)
Cuba
d)
Canada
12.
When supply rises and demand stays the same, what happens to prices?
a)
lower
b)
rise
c)
stay the same
13.
When demand rises and supply stays the same, what happens to prices?
a)
lower
b)
rise
c)
stay the same
14.
When supply lowers and demand stays the same, what happens to prices?
a)
lower
b)
rise
c)
stay the same
15.
A movie theater would be part of which sector?
a)
Primary
b)
Secondary
c)
Tertiary
16.
Why do capitalist economies generally have lower prices than command economies?
a)
The government makes them lower
b)
The consumers choose the prices
c)
Competition drives down prices
d)
Everything is free in a captialist economy
17.
Bill Gates would be best considered what factor of production for Microsoft?
a)
natural resources
b)
labor
c)
capital
d)
entrepreneur
18.
A grocery store would be considered which level of industry?
a)
agricultural
b)
manufacturing
c)
retail/service
19.
A factory that makes shoes would be considered which level of industry?
a)
agricultural
b)
manufacturing
c)
retail/service
20.
What kind of economy does the US have?
a)
communist
b)
mixed
c)
free enterprise
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