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Types of economies

Total questions: 44

Worksheet time: 1hrs 2mins

Name
Class
Date
1.
Economy is...
a)
make (something needed or wanted) available to someone; provide
b)
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
c)
arrange for (a room, seat, ticket, etc.) to be kept for the use of a particular person and not given to anyone else.
d)
Hallo
2.
A consumer is... 
a)
monkey
b)
the economic factors affecting the price, demand, and availability of a commodity.
c)
somebody who takes away stuff
d)
a person who purchases goods and services for personal use.
3.
A producer is...
a)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
b)
A person
c)
Mars
d)
the state of being scarce or in short supply; shortage.
4.
An incentive is...
a)
trouble or difficulty caused to one's personal requirements or comfort.
b)
a thing that motivates or encourages one to do something.
c)
a payment or concession to stimulate greater output or investment.
d)
a policy of extending a country's power and influence through diplomacy or military force.
5.
An incentive is...
a)
trouble or difficulty caused to one's personal requirements or comfort.
b)
a thing that motivates or encourages one to do something.
c)
a payment or concession to stimulate greater output or investment.
d)
a policy of extending a country's power and influence through diplomacy or military force.
6.
Opportunity Cost is...
a)
the loss of potential gain from other alternatives when one alternative is chosen.
b)
the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).
c)
make changes in something established, especially by introducing new methods, ideas, or products.
d)
HI MOM!
7.
Scarcity is...
a)
measuring a small distance from end to end.
b)
the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
c)
(especially of food, money, or some other resource) insufficient for the demand.
d)
make (something) on a large scale using machinery.
8.
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
9.
What type of economy does the United States have?
a)
Traditional
b)
Command
c)
Unlimited
d)
Market
10.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
11.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
12.
__________ is the making of goods and services
a)
Communication
b)
Production
c)
Economics
d)
Entreprenuer 
13.
The ______ is the way goods and services are produced and consumed.
a)
Economy
b)
Commercial
c)
Market
d)
Production
14.
The total amount of a good or service that customers will buy at all prices is called
a)
demand
b)
incentive
c)
profit
d)
supply
15.
Which type of economy has the government making all decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
16.
If a country is Communist, what type of economy will they have?
a)
None
b)
Command
c)
Market
d)
Traditional
17.

What is a Market Economy?

a)

an economic system controlled by supply and demand

b)

a government-run economic system

c)

an economic system where all of the business happens at a market

18.

What is economic "supply?"

a)

how much of a product is available

b)

the cost of a particular product

c)

how much people want an item

19.

What is economic "demand?"

a)

how much of a product is available

b)

what a particular product costs

c)

how desired a product is

20.

What is economic "scarcity?"

a)

when a product is in short supply

b)

the lowest price of a product

c)

the highest price of a product

21.

Who makes decisions in a Market Economy?

a)

the government

b)

big companies

c)

buyers and sellers

22.

What are the characteristics of a traditional economic system?

a)

Relies on government

b)

Driven by consumers

c)

built upon traditions, customs, and beliefs

23.
found in agricultural societies where people live the same way their parents and grandparents did; people produce what they need to survive.
a)
Traditional Economy 
b)
Market Economy 
c)
Command Economy 
d)
Mixed Economy 
24.

Which type of economic system is people making and growing their own food?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

25.

Which of the following is NOT one of the three basic questions used to determine an country's economic system?

a)

When to produce?

b)

What to produce?

c)

How to produce?

d)

For whom to produce?

26.
Which type of economic system bases its decisions on custom?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
27.
Which type of economy involves trading, and doesn't usually use money?
a)
Command
b)
Traditional
c)
Market
d)
Mixed
28.
Most countries have a mixed economy with one part of the mix being dominant.
a)
True
b)
False
29.
My father was a fisherman, I am a fisherman and my son will be a fisherman.
a)
Market
b)
Mixed
c)
Traditional
d)
Command
30.

What is a mixed economy?

a)

an economy in which there is a blend of economic systems; individuals and the government share in the decision-making process​

b)

The value of the next-highest-valued alternative use of that resource

c)

A measure of a goods sensitivity to a change in reaction to another good

31.

Who has a large role in military, international trade, and transportation​?

a)

The government

b)

The Cabinet (With food inside)

32.

What does Mixed Economy include?

a)

Command and Market Economy

b)

Traditional and Command

33.

The mixed economy has private and public enterprise

a)

True

b)

False

34.

Why is a mixed economy so important

a)

It can can help keep a country/economy stable

b)

It just helps

c)

it keeps governments under control

d)

it stabilizes markets and control agencies

35.
There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?
a)
The price of gas will decrease because there is more competition among businesses.
b)
The price of gas will decrease because there is less competition among businesses.
c)
The price of gas will increase because there is more competition among businesses.
d)
The price of gas will increase because there is less competition among businesses.
36.
The Supply Curve is upward-sloping because...
a)
as price increases, consumers demand less.
b)
none of the choices
c)
as price increases, so do costs.
d)
As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.
37.
Which of the following could cause the price for automobiles to decrease?
a)
The local factory gives a big raise to its employees.
b)
None of the choices
c)
A brand new automobile dealership opens in town.
d)
The price of gasoline falls.
38.
 A surplus of a product will occur when the price is…
a)
none of the choices
b)
too high
c)
at equilibrium
d)
too low
39.
What is it called when the quantity which is demanded is higher than the quantity supplied?
a)
None of the choices
b)
Surplus
c)
Equilibrium
d)
Shortage
40.
What is the point called where the supply curve and the demand curve intersect? 
a)
Sale Price
b)
Equilibrium Price
c)
Economic Price
d)
Premium Price
41.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
42.
Which graph below shows the DEMAND CURVE? 
a)
A
b)
B
c)
C
d)
D
43.
The law of demand states that there is what type of relationship between price and demand?
a)
As price decreases demand decreases.
b)
As price increases demand increases.
c)
As price decreases demand remains the same.
d)
As price increases demand decreases.
44.
The law of supply states that there is what type of relationship between price and supply?
a)
As price decreases demand increases.
b)
As price increases supply decreases.
c)
As price increases supply increases.
d)
As price decreases supply remains the same.

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