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WorksheetsEconomic Systems
Total questions: 21
Worksheet time: 18mins
Name
Class
Date
1.
This economy type is economy type is based on long standing customs. Its found in poor regions and involves few resources
a)
command
b)
market
c)
capitalism
d)
traditional
2.
This system is still found around the world. All economic decisions are made by the government
a)
market
b)
socialism
c)
command
d)
capitalism
3.
This economic system mostly produces mineral, industrial and military goods. It does not focus on consumer needs or wants.
a)
command
b)
market
c)
communism
d)
traditional
4.
This economic system mostly produces mineral, industrial and military goods. It does not focus on consumer needs or wants.
a)
command
b)
market
c)
communism
d)
traditional
5.
People live from day to day and save very little. The work they do is for basic survival.
a)
command
b)
socialism
c)
market
d)
traditional
6.
Productivity can be measured by using the relationship between
a)
labor and outputs
b)
opportunity costs and trade offs
c)
inputs and outputs
d)
technology and human capital
7.
The goal of making a profit is best reached by businesses that(best choice)
a)
buy new computers
b)
pay minimum wage
c)
increase the working hours
d)
keep all costs down
8.
Which of the following makes the American economy a mixed system?
a)
the creation of monopolies
b)
government regulations
c)
control by the govt. of the agricultural industry
d)
investments in human capital
9.
What does a command system achieve better than market systems?
a)
growth
b)
freedom
c)
efficiency
d)
equality(equity)
10.
A company decides to raffle off a new truck that won't be available to buyers for 2 years as a contest to get customers into their store. Anyone wanting to participate must in a down payment of $1,000(it is refunded for those who don't get picked. The winner will get the right to buy the truck 2 years before anyone else.
What two methods is the company using to allocate the new truck?
What two methods is the company using to allocate the new truck?
a)
lottery and price
b)
auction and charity
c)
auction and price
d)
merit and price
11.
Was one group favored over another in the truck raffle?
a)
no one group was favored
b)
it favored those who liked trucks
c)
the raffle was open to everybody
d)
it favored the wealthy
12.
How could the govt. address problems caused by a downturn in the economy where people can't afford basic things to survive?
a)
benefits like welfare and unemployment checks
b)
the govt. invents new jobs for people to do to get money
c)
the govt. forces business to cut their prices
d)
the minimum wage is raised
13.
John was busted for selling bootleg dvd's at a flea market because
a)
he did not charge taxes when he sold them
b)
he did not have a liscense
c)
he charged too much
d)
the govt. protects private property like movies and music
14.
One of the purposes of the Fair Trade Commission is to
a)
keep prices low
b)
enforce fair trade and competition
c)
stimulate the economy
d)
enforce copyright laws
15.
Which group benefits the most from the Federal Trade Commission?
a)
the elderly
b)
the govt.
c)
businesses
d)
consumers
16.
What does a Production Possibilities Frontier show?
a)
the effects of higher wages
b)
how production increases with better equipment
c)
how much is produced with a combination of goods
d)
how human capital affects labot
17.
How could a business owner react to a raise in the minimum wage that has a negative impact on labor?
a)
put a freeze on hiring new people
b)
fire employees
c)
raising prices
d)
limiting their number of products
18.
Labor productivity is increased by
a)
the use of robotics in production
b)
capital investments in technoloy
c)
a rise in the economy
d)
a decrease in capital investments
19.
___________=outputs/inputs
a)
human capital
b)
capital investments
c)
production possibilities
d)
productivity
20.
Which of the following would best affect productivity?
a)
computer accounting upgrade
b)
factory elevator
c)
hiring extra workers
d)
new Starbucks in the employee breakroom
21.
Technological Investments+Increased productivity=
a)
higher wages
b)
market economy
c)
human capital
d)
growth in the economy
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