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WorksheetsSOL 11B ECONOMIC Systems
Total questions: 17
Worksheet time: 21mins
Name
Class
Date
1.
The government of the Soviet Union provided food for its citizens. However, the food was often in short supply, had little variety, and was of poor quality. What type of economy was the Soviet Union?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
2.
Most countries today have which type of economic system?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
3.
Which economic system has the least amount of government involvement in decision making?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
4.
_________________ results in lower prices and better quality goods and services.
a)
Consumer Sovereignty
b)
Private Property
c)
Profit
d)
Competition
5.
The amount of money you make after all expenses have been paid is called what?
a)
Profit
b)
Competition
c)
Private Property
d)
Free Markets
6.
In 2000, the Heinz Corporation began selling purple ketchup. Sales were low and within a few years Heinz stopped selling it. Which characteristic of our economy was demonstrated in this example?
a)
Private Property
b)
Consumer Soveregnity
c)
Profit
d)
Competition
7.
Which type of economic system is a combination of privately-owned industry and government control?
a)
Traditional
b)
Mixed
c)
Command
d)
Market
8.
Central ownership (usually by government) of property/resource. Centrally-planned economy. Lack of consumer choice
a)
Free market economy
b)
Traditional economy
c)
Command economy
d)
Mixed economy
9.
Private ownership of property/resources Profit motive. Competition. Consumer sovereignty. NO government involvement in the economy.
a)
Free market economy
b)
Traditional economy
c)
Command economy
d)
Mixed economy
10.
Economic decisions are based on custom and historical precedent.People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
a)
Free market economy
b)
Traditional economy
c)
Command economy
d)
Mixed economy
11.
In which type of economic system can businesses operate without ANY government regulation?
a)
Free Market
b)
Traditional
c)
Command
d)
Mixed Market
12.
Which of the following is NOT one of the questions every economic system must answer?
a)
How to produce?
b)
What to produce?
c)
Who will produce?
d)
Whom to produce for?
13.
EXAMPLE: I give consumers control of the economic market. Consumers determine through buying goods and serices what goods and services will be produced. I am called -
a)
competition
b)
business expansion
c)
profit motive
d)
consumer sovereignty
14.
the amount of a good or service that producers are willing and able to SELL at a certain price.
a)
Demand
b)
Supply
c)
Scarcity
d)
Consumption
15.
the amount of a good or service that consumers are willing and able to BUY at a certain price (how bad do they want it?)
a)
Demand
b)
Supply
c)
Scarcity
d)
Consumption
16.
What is the big factor in determining what type of economy a country has?
a)
How involved the government is
b)
How big the country is
c)
How well-behaved citizens are
d)
How much money a country has
17.
Economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
a)
Free market economy
b)
Traditional economy
c)
Command economy
d)
Mixed economy
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