WorksheetsEconomics: UNIT 2 Review "Economic Systems"
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
How many major economic systems are there?
a)
1
b)
2
c)
3
d)
4
2.
The organized way in which a society provides for the wants and needs of its people is called a _____.
a)
political system
b)
economic system
c)
scientific system
d)
artistic system
3.
Economic system in which the use of scarce resources and almost all economic activity comes from ritual, habit, or custom
a)
Market Economy
b)
Command Economy
c)
Traditional Economy
d)
mixed economy
4.
Few pure _______ economies exist today
a)
mixed
b)
command
c)
market
5.
System where a central authority makes the major decisions about what, how, & for whom to produce
a)
traditional economy
b)
mixed economy
c)
market economy
d)
command economy
6.
A market is an arrangement that allows buyers and sellers to come together to exchange goods & services.
a)
true
b)
false
7.
Which of the following items accurately describes a traditional economy?
a)
Government officials tend to favor themselves when making economic decisions
b)
Use of resources and economic activity, is based on ritual, habit, or custom
c)
•Lots of individual freedom
d)
•Economy of most countries in the world
8.
Economy of most countries in the world
a)
mixed
b)
command
c)
traditional
d)
market
9.
North Korea is an example of which of the following
a)
mixed economy
b)
market economy
c)
command economy
d)
traditional economy
10.
The U.S. is described as a _____.
a)
mixed economy
b)
market economy
c)
command economy
d)
traditional economy
11.
China is has a ____ economy.
a)
traditional
b)
mixed
c)
market
d)
traditional
12.
Which economic system can quickly change the direction of a nation drastically?
a)
market
b)
traditional
c)
command
d)
mixed
13.
which system discourages new ideas & new ways of doing things?
a)
market
b)
mixed
c)
traditional
d)
none of the above
14.
which system provides little incentive to workers?
a)
mixed
b)
traditional
c)
market
d)
command
15.
which system has the highest degree of uncertainty?
a)
traditional
b)
market
c)
command
d)
mixed
16.
Why are Market economies more innovative than either traditional or command economies?
a)
They foster competition within the system
b)
They eliminate social classes
c)
They provide resources for all citizens
d)
all of the above
17.
Economic & political system where all property is collectively – not privately owned
a)
socialism
b)
communism
c)
Free market
d)
oligarchy
18.
Mixed economic & political system in which the government owns & controls some, but not all of the productive resources
a)
Communism
b)
Democracy
c)
Theocracy
d)
Socialism
19.
Situation in which there is a lack of economic progress
a)
Allocation
b)
Emphasizing
c)
Stagnation
d)
none of the above
20.
To distribute something
a)
stagnation
b)
allocate
c)
emphasize
21.
To stress something
a)
allocate
b)
Emphasizing
c)
stagnation
22.
The purpose of government in a command economy is to
a)
ensure the availability of consumer products
b)
encourage entrepreneurs
c)
make major economic decisions
d)
promote economic freedom
23.
The United States can best be described as having a
a)
modified free enterprise system
b)
traditional system
c)
command economy
d)
pure free enterprise system
24.
Which group of people ultimately determines the products that a free enterprise economy produces?
a)
congress
b)
property owners
c)
local government
d)
consumers
25.
Who plays one of the most important roles in the free enterprise system by starting new businesses?
a)
entrepreneurs
b)
government
c)
workers
d)
consumers
26.
A market economy does not provide for everyone's basic needs.
a)
True
b)
False
27.
Use of the minimum wage supports which of the following ideas?
a)
economic growth
b)
economic equity
c)
full employment
d)
economic efficiency
28.
The concept of voluntary exchange means _____.
a)
that no money was exchanged
b)
people freely and willingly engage in market transactions.
c)
only workers will benefit from the exchange
d)
neither buyer nor seller has made a profit
29.
Where would a mixed economy be located in this diagram?
a)
W
b)
X
c)
Y
d)
Z
30.
incentive that encourages people and organizations to improve their material well-being
a)
economic system
b)
profit motive
c)
fixed income
d)
private property rights
100 %
