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WorksheetsEconomic Systems
Total questions: 16
Worksheet time: 10mins
Name
Class
Date
1.
Which of the 3 basic economic questions is being answered?:
Nike decides to use more robots on their assembly lines because it is more efficient than using workers.
Nike decides to use more robots on their assembly lines because it is more efficient than using workers.
a)
What will be produced?
b)
How will it be produced?
c)
For whom will it be produced?
2.
Economic system where individuals (producers and consumers) answer the three basic economic questions:
a)
Market
Market
Market
Market
Market
b)
Command
c)
Traditional
d)
Mixed
3.
Economic system where the government answers all three basic economic questions:
a)
Market
b)
Command
c)
Traditional
d)
Modern or Mixed
4.
Economic system where tradition, customs, and values answer the three basic economic questions:
a)
Market
b)
Command
c)
Modern or Mixed
d)
Traditional
5.
North Korea employs which kind of economy:
a)
Free Enterprise
b)
Traditional
c)
Command
d)
Capitalism
6.
The government has little to no role in the production of goods in this type of economy.
a)
Traditional
b)
Mixed
c)
Command
d)
Market
7.
There are four types of economic systems. Most economies are _____.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
8.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
9.
In the USA, people have _______ to work hard because we can make profits in our market economy!
a)
Scarcity
b)
Opportunity Costs
c)
Production Factors
d)
Incentives
10.
Very few, or ZERO, completely pure or completely command economies currently exist.
a)
True
b)
False
11.
What do the households provide businesses?
a)
Labour
b)
Wages
c)
Resources
d)
Goods and services
12.
In the products market
a)
firms buy goods and services from households
b)
firms sell goods and services to households
c)
firms sell resources to households
d)
firms buy resources from households
13.
The main sectors of a free market economy are
a)
Households and businesses
b)
Households and the resource market
c)
Business Firms and the products market
d)
The products market and the resource market
14.
Governments use tax revenue from individuals and businesses to provide
a)
profits to buy more resources
b)
income to purchase products
c)
for business expansion and increased consumption
d)
public goods and services
15.
Banks provide allow _______ to flow to both Households and Business Firms.
a)
public goods
b)
loans
c)
final goods/services
d)
income
16.
Which of the following economic goals are least achievable in both a TRADITIONAL and COMMAND economic system?
a)
Economic Equity
b)
Economic Security
c)
Economic Stability
d)
Economic Efficiency
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