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WorksheetsEconomic System
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
What is the name for a limit on the number of goods that can be imported from a country?
a)
embargo
b)
quota
c)
tariff
d)
barter
2.
What is the currency used by most countries in the European Union?
a)
euro
b)
shilling
c)
pound
d)
dollar
3.
Which country has a pure command economy?
a)
United Kingdom
b)
Russia
c)
Germany
d)
None
4.
What is the term for someone who takes a risk and starts a business?
a)
business owner
b)
chief executive
c)
boss
d)
entrepreneur
5.
How can a country's GDP be improved?
a)
increase workers
b)
decrease workers
c)
increase literacy rate
d)
decrease literacy rate
6.
The three economic questions all entrepreneurs should consider before starting a business?
a)
What, when and where to produce
b)
For whom, what and why to produce
c)
What, how, for whom to produce
d)
Am I crazy for trying to do this?
7.
What is the name for a tax placed on imported goods?
a)
tariff
b)
quota
c)
tandem
d)
embargo
8.
The EU will not accept any products from any country whose government will not allow free speech. This is an example of which trade barrier?
a)
tariff
b)
barter
c)
quota
d)
embargo
9.
How can a country invest in its human capital?
a)
buy new uniforms
b)
providing healthcare
c)
update the factory
d)
improve the quality of the merchandise
10.
If a country's literacy rate is high, then their standard of living is most likely ____.
a)
low
b)
difficult
c)
average
d)
high
11.
Most countries in the world have a ___ economy.
a)
traditional
b)
command
c)
mixed
d)
market
12.
What drives the prices in a market economy?
a)
trial and error
b)
currency exchange
c)
supply demand
d)
literacy rate
13.
The main purpose of the EU is...
a)
to make everyone pay the same.
b)
united Europe under a command economy.
c)
increase the use of all currency.
d)
to strengthen the member country's economies.
14.
The main purpose of the EU is...
a)
to make everyone pay the same.
b)
united Europe under a command economy.
c)
increase the use of all currency.
d)
to strengthen the member country's economies.
15.
Which is an example of capital goods?
a)
teacher
b)
mechanic
c)
factory
d)
sales person
16.
What is a synonym for capitalism?
a)
free enterprise
b)
command
c)
mixed economy
d)
embarago
17.
How can a country move more toward a market economy?
a)
increase taxes
b)
increase government involvement
c)
decrease goods and services
d)
decrease government involvement
18.
Which country has a pure market economy?
a)
United Kingdom
b)
Russia
c)
Germany
d)
None
19.
Education, training and providing healthcare are ways to invest in ___.
a)
traditional systems
b)
human capital
c)
capital goods
d)
entrepreneurs
20.
If a country has a command economy, its government is most likely a ___.
a)
constitutional monarchy
b)
presidential democracy
c)
autocracy
d)
parliamentary democracy
21.
Entrepreneurs can increase a country's GDP by ___.
a)
increasing job opportunities
b)
decreasing job opportunities
c)
using natural resources
d)
providing business travel
22.
How does having an abundance of natural resources help a business make a profit?
a)
They won't have to pay taxes.
b)
They can charge whatever they want.
c)
They will not have to pay to import the resources they need to produce their product.
d)
It won't.
23.
Trading your currency for the currency that the country you are visiting uses is called ____.
a)
Currency printing
b)
Currency exchange
c)
Currency calculating
d)
Traditional currency
24.
Being able to work in a different country, trade with the same currency, and have a higher standard of living is a benefit of the _____.
a)
European government
b)
European Federation
c)
European Co-op
d)
European Union
25.
_____ is the production, distribution, and consumption of goods and services.
a)
Traditional economy
b)
Market economy
c)
Economics
d)
Command Economy
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