WorksheetsEconomics - Chapter 2 Review
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
What is the key factor in determining the type of economy a country has?
a)
public and private sector
b)
what will be produced, how it will be produced, and for whom it will be produced
c)
the availability of resources and demand
d)
the extent of government involvement
2.
What are some characteristics of a free market economy?
a)
lack of choice, competition
b)
individual choice, centrally-planned
c)
competition, consumer sovereignty
d)
central ownership of property, profit
3.
Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?
a)
traditional economy
b)
command economy
c)
free market economy
d)
mixed economy
4.
Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?
a)
traditional economy
b)
command economy
c)
free market economy
d)
mixed economy
5.
Name a country that has a command economy.
a)
United States
b)
Great Britain
c)
Germany
d)
N. Korea
6.
Name a country that has a free market economy.
a)
United States
b)
Cuba
c)
N. Korea
d)
Russia
7.
What type of economy has a private and public sector, the characteristics of a free market, and is the most common economic system today?
a)
Free Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
8.
Which type of economic system bases its decisions on custom and historical precedent?
a)
Free Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
9.
How many types of economies are there?
a)
1
b)
4
c)
3
d)
5
10.
What type of economy does the USA have?
a)
Mixed
b)
Free Market
c)
Command
d)
Traditional
11.
Which type of economy is run by a combination of the businesses & the government?
a)
Command
b)
Mixed
c)
Market
d)
Traditional
12.
Which type of economy would the Native American Indians have had?
a)
Command
b)
Mixed
c)
Market
d)
Traditional
13.
What did communist revolutions lead to in the Soviet Union and
in China?
in China?
a)
capitalism
b)
central planning
c)
socialism
d)
traditionalism
14.
What do people supply in return for "factor payments"?
a)
Land
b)
Labor
c)
Capital
d)
All of them
15.
What happens in the product market?
a)
Income is received for supplying land, labor, or capital.
b)
Governments collect taxes from firms and consumers.
c)
Firms purchase the factors of production from households.
d)
Households purchase the goods and services that firms produce.
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