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WorksheetsStandard 5: Economic Decisions and Systems
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
A command economy is when the government is in control.
a)
True
b)
False
2.
Which of the following countries has a command economy?
a)
Germany
b)
North Korea
c)
USA
3.
In a command economy, individuals own the businesses.
a)
True
b)
False
4.
A mixed economy is a combination of traditional and command economies and black markets.
a)
True
b)
False
5.
What is an economic system characterized by central authority that makes most of the major economic decisions?
a)
Command Economy
b)
Mixed Economy
c)
Traditional Economy
6.
What type of economy does the US have?
a)
Mixed
b)
Traditional
c)
Market
7.
In a market economy, ____________ decides what needs to be made.
a)
the producer
b)
the government
c)
the consumer
8.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Traditional
b)
Command
c)
Market
9.
What is human capital?
a)
Taxes collected from a country's workers
b)
Skills and education workers have
c)
Money paid to workers for producing goods
10.
________ is the most basic economic problem.
a)
Labor
b)
Scarcity
c)
Capital
11.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Microeconomics, Macroeconomics, Individual, and Traditional
12.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by setting a budget
b)
by making more money
c)
by making choices
13.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What is the price of the goods?
b)
How should the goods be produced?
c)
Who gets to consume the goods?
14.
Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
a)
Mixed Economy
b)
Market Economy
c)
Traditional Economy
15.
When people wait in line on Black Friday to get a 70" TV, this is an example of
a)
Scarcity
b)
Consumerism
c)
Product Marketing
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