WorksheetsEconomic Systems
Total questions: 23
Worksheet time: 23mins
Name
Class
Date
1.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
What to produce? Why you produce? Like to produce?
2.
A command economy is when the government decides what to produce, how to produce, and for whom to produce for?
a)
True
b)
False
3.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
4.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
Market
c)
Command
d)
Mixed
5.
What is an economic system where only the government makes the economic decisions?
a)
traditional economy
b)
free enterprise
c)
mixed economy
d)
command economy
6.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism
c)
Mixed
d)
Command
7.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
8.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
9.
Scarcity is defined when a product is HARD to get. What happens to the price of the product when the item is scarce?
a)
Price Increases
b)
Price Decreases
10.
When there are a surplus of items, the product is easy to get. What happens to the price of these products?
a)
Price Increases
b)
Price Decreases
11.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
The government and individuals
d)
The traditions of your ancesetors
12.
If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
13.
Which of the following is an economic system in which the government and individuals make economic decisions about what to produce?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
14.
A free enterprise system is one in which-
a)
The government owns and operates all of the businesses and industries
b)
Private citizens own and operate most of the businesses and industries
15.
Export
a)
Selling things to another country for a porfit.
b)
Giving things to another country for free.
c)
Purchasing things from another country.
d)
Getting things from another country.
16.
In which economic system could an individual make their own economic choices?
a)
Command
b)
Market
17.
Tabitha is car shopping. She sees a car she likes, but it's too expensive, so she goes to a different dealership to get a better price.
a)
Tabitha lives in a command economy.
b)
Tabitha lives in a market economy.
18.
Which economic system figures out prices through Supply and Demand?
a)
Market
b)
Command
19.
In this economic system, the government says what will be produced, how it will be produced, and who it will be produced for.
a)
Command
b)
Market
20.
In this economic system, individual people and companies choose what will be produced, how it will be produced, and who it will be produced for.
a)
Market
b)
Command
21.
Which economic system is associated with DEMOCRACY?
a)
Market economy
b)
Command economy
22.
The USA uses a...
a)
Command economy
b)
Market economy
23.
A MARKET economic system is also known as...
a)
Communism
b)
Socialism
c)
Capitalism
d)
Command
100 %
