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Worksheetseconomic systems
Total questions: 96
Worksheet time: 1hrs 11mins
Name
Class
Date
1.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
2.
A command economy is when the government is in control.
a)
True
b)
False
3.
Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
4.
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
5.
Capitalism flourishes here in this economic system.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
6.
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
Traditional economy
Traditional economy
d)
Mixed
Mixed economy
Mixed economy
7.
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
8.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
9.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
a)
Traditional
b)
Market
c)
Command
d)
Centrally planned
10.
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)
Centrally Planned
11.
Which of the following economic systems gives PEOPLE all the power in the economy?
a)
market economy
b)
mixed economy
c)
traditional economy
d)
command economy
12.
A market system is best described as a system with:
a)
free trade
b)
competition
c)
profit motive
d)
all of the above
13.
Who is the founder and creator of capitalism?
a)
Adam Smith
b)
Karl Marx
c)
Friedrich Engels
d)
Bernie Sanders
14.
Who is considered the father of communism?
a)
Adam Smith
b)
Mr. Alberts
c)
Karl Marx
d)
George Washington
15.
Karl Marx believed that there would be two classes of people. Which class was considered the rich class?
a)
bourgeoisie
b)
proleteriat
16.
People that buy a product
a)
Consumers
b)
producers
c)
goods
d)
services
17.
People that make a product
a)
consumers
b)
producers
c)
goods
d)
services
18.
What type of economic system allows government and private businesses to make economic decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
command
19.
If a country has a high literacy rate, how does it affect standard of living?
a)
It does not affect it.
b)
It is also high.
c)
It is lower.
d)
It does nothing.
20.
A system that uses bartering or trading.
a)
Mixed
b)
Market
c)
Traditional
d)
command
21.
When a country has a market economy, which of these statements correctly defines this system?
a)
workers are guaranteed a pay raise every year
b)
the gov't controls most of the business in the country
c)
all basic goods are provided without charge
d)
companies produce goods of their choice and consumers decide whether to buy them
22.
the division of labor; work is divided into parts for workers, factories or countries to become expert at producing certain goods
a)
specialization
b)
trade
c)
quota
d)
traditional
23.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
24.
Higher education and on the job training increases
a)
literacy rate
b)
human capital
c)
capital goods
d)
entreprenuer
25.
How can you increase the GDP of a country?
a)
invest in human capital
b)
Decrease capital goods
c)
Decrease entrpepenurship
d)
Lower the literacy rate
26.
Karl Marx believed there would be two classes of people. Which class was considered the working class?
a)
proletariat
b)
bourgeoisie
27.
What economic system involves everyone sharing the public good?
a)
socialism
b)
capitalism
c)
communism
28.
True or False: Countries with higher GDPs have more high paying industries.
a)
True
b)
False
29.
Mercantilism involves:
a)
a larger country taking over smaller country's resources
b)
stores being created in lower GDP areas
c)
workers revolting from their bosses
d)
sharing resources with the everyone in the community
30.
Which economic system is associated with DEMOCRACY?
a)
Market economy
b)
Command economy
31.
Command, Free enterprise, and Socialism are all ...
a)
Economics systems
b)
Governments
c)
Laws
d)
Science Theories
32.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
33.
What is a laissez faire capitalist approach to govt
a)
hand off (left alone)
b)
Extreme Control
c)
Trusting the govt
d)
A mix of control and hands off
34.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
35.
In a market economy, if your mom dad are both teachers, do you have to be a teacher?
a)
NO
b)
Yes
c)
Maybe
36.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancesetors
37.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
38.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
39.
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
40.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism
c)
Mixed
d)
Command
41.
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
42.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods and services will be produced?
b)
What is the price of the goods?
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
43.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
44.
Anyone who makes or grows a good or performs a service.
a)
Barter
b)
Consumer
c)
Producer
d)
Profit
45.
To trade.
a)
Taxes
b)
Barter
c)
Service
d)
Producer
46.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
47.
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
48.
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
49.
Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____.
a)
many, high demand
b)
aren't many, high demand
c)
aren't many, low demand
d)
many, low demand
50.
If there ____ people who want the goods available, there is a ______.
a)
aren't many, high demand
b)
many, low demand
c)
aren't many, low demand
51.
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
52.
Import
a)
Selling things to another country for a profit.
b)
Purchasing items from another country
c)
Giving things to another country.
d)
Getting things from another country
53.
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.
54.
If you tell me a price on something and I offer you a different price, this is an example of what kind of economy?
a)
Traditional
b)
Command
c)
Market
d)
Mixed
55.
This type of government typically goes with the Command Economy.
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
56.
Stan planted a tree and raised it. In a command economy...
a)
the tree belongs to Stan.
b)
the tree belongs to the Government.
57.
In which economic system could an individual make their own economic choices?
a)
Command
b)
Market
58.
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.
59.
Which economic system figures out prices through Supply and Demand?
a)
Market
b)
Command
60.
Zack works hard at his job, but he doesn't get any reward for it because the government won't let him. He lives in a...
a)
Market economy
b)
Command economy
61.
In the USA, people have _______ to work hard because we can make profits in our market economy!
a)
Scarcity
b)
Opportunity Costs
c)
Production Factors
d)
Incentives
62.
The USA uses a...
a)
Command economy
b)
Market economy
63.
A MARKET economic system is also known as...
a)
Communism
b)
Socialism
c)
Capitalism
d)
Command
64.
Capitalism is another word for a...
a)
Command economy
b)
Market economy
c)
Communist nation
d)
Military group
65.
Society will never be able to satisfy all wants and ____.
a)
desires
b)
needs
c)
hungers
d)
money problems
66.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.
a)
desire
b)
demand
c)
supply
d)
scarcity
67.
Economics seeks the answer to the basic question of how to deal with ______.
a)
money
b)
hunger
c)
demand
d)
scarcity
68.
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
69.
In this type of economy, the government places control on businesses, but the individual decides what to make.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
70.
limited quantity of a product that under official controls can be produced,exported,or imported
a)
Quota
b)
Tariff
c)
Subsidy
d)
Standard
71.
A tax imposed on imported goods and services.
a)
Quota
b)
Tariff
c)
Subsidy
d)
Standard
72.
money paid by government to keep price of a product/service low,helps a business continue run
a)
Quota
b)
Tariff
c)
Subsidy
d)
Standard
73.
Classless Society
a)
Democracy
b)
Monarchy
c)
Communism
74.
No creativity, inefficient
a)
Democracy
b)
Monarchy
c)
Communism
75.
Creativity and Competition
a)
Market/Capitalism
b)
Command/Communism
c)
Socialism
76.
Stresses cooperation
a)
Market/Capitalism
b)
Communism/Command
c)
Socialism
77.
Government owns means of production and all property
a)
Market/Capitalism
b)
Command/Communism
c)
Socialism
78.
No competition, lower quality goods
a)
Market/Capitalism
b)
Command/Communism
c)
Socialism
79.
Only 10 iPhones 7's can be produced in 1 day.
a)
Tariff
b)
Subsidy
c)
Quota
d)
Standard
80.
Competition keeps prices low and quality high
a)
Market/Capitalism
b)
Command/Communism
c)
Socialism
81.
What does competition lead to?
a)
Innovation
b)
Resources
c)
Economy
82.
What is the process of developing newer, better things?
a)
Innovation
b)
Competition
c)
Market
83.
Does competition drive prices up or down?
a)
Up
b)
Down
c)
Stays the same
84.
What is it called when producers battle over who can make the most profit?
a)
Innovation
b)
Scarcity
c)
Competition
85.
What refers to the entire activity of buying and selling that takes place out in the world?
a)
consumer
b)
market
c)
innovation
86.
What is the financial gain received by selling something for more than it cost to make it?
a)
competition
b)
consumer
c)
profit
87.
What is the term for the way goods and services are produced and consumed?
a)
competition
b)
economy
c)
market
88.
In a command economy, the decision on whom to sell the good to is decided by?
a)
producers
b)
government
c)
consumers
89.
The primary motivating factor in a market economy is..
a)
profit
b)
quality of goods
c)
competition
90.
In which economy, does the need survive motivate people to hunt, gather, or farm?
a)
market economy
b)
command economy
c)
traditional economy
91.
In which economy do private individuals own the property?
a)
market economy
b)
command economy
c)
traditional economy
92.
Burger King and McDonalds keep their prices low because of
a)
Competition
b)
Property Rights
c)
Limited Role of Government
d)
Freedom of Enterprise
93.
How would a free market economy be described?
a)
An economy in which decisions are made by the government.
b)
The international exchange of goods.
c)
An economy based on supply and demand with little or no government control
d)
An economy that is communist
94.
_______ is another word for Market Economy.
a)
Capitalism
b)
Communism
95.
The raw materials needed to make goods
a)
Human resources
b)
Captial resources
c)
Labor resources
d)
Natural resources
96.
Bakers, shoe salesmen, carpenters, cops, and teachers are examples of ____________
a)
Natural resources
b)
Human resources
c)
Captial resources
d)
Entreprenueners
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