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WorksheetsEconomics Review
Total questions: 36
Worksheet time: 19mins
Name
Class
Date
1.
What Is an Entrepreneur?
a)
Person who runs their own company and take risks
b)
Computer Engineer
c)
Person who brings entrees to the table
d)
Person who eats entrees
2.
What is the economy when you go hunt just like your father
a)
Traditional
b)
Command
c)
Mixed
d)
Market
3.
Which Economy has total control
a)
Command
b)
Traditional
c)
Mixed
d)
Market
4.
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
5.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
6.
This type of government typically goes with the Command Economy.
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
7.
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
8.
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
9.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
10.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
11.
factory worker
a)
Natural
b)
Labor
c)
Capital
d)
????????
12.
a farmer
a)
Natural
b)
Labor
c)
Capital
d)
????????
13.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
14.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
15.
The people who decide to buy.
a)
Producers
b)
Consumers
c)
Economist
d)
Entreprenuers
16.
What part of the picture is the natural resource?
a)
rope
b)
rock mountain
c)
rock climber
17.
Name the natural resource(s).
a)
wheat
b)
combine
c)
truck
d)
combine and truck
18.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
19.
A block or restriction on trade with another country is called
a)
Tariff
b)
Embargo
c)
Quota
20.
A tariff is when a _______ is put on an imported good
a)
Tax
b)
Limit
c)
Block
21.
A country might place a limit or __________ on another country to weaken their economy.
a)
Embargo
b)
Tariff
c)
Quota
22.
In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of a
a)
Tariff
b)
Market
c)
Embargo
d)
Quota
23.
NAFTA is an agreement between all of the following countries EXCEPT
a)
United States
b)
Mexico
c)
Great Britain
d)
Canada
24.
Free trade means
a)
the countries use the same currency
b)
No trade barriers
c)
there is a quota on some goods
d)
trade is quick and easy
25.
As a result of NAFTA, many US manufacturers moved to Mexico where employees were cheaper and environmental standards were lower.
a)
True
b)
False
26.
What countries make up NAFTA?
a)
USA, Mexico, and Canada
b)
Japan, China, and India
c)
USA, Canada, and Brazil
d)
Chile, Honduras, and Bulgaria
27.
19 of the 27 countries in the European Union use this common currency.
a)
dollar
b)
pound
c)
mark
d)
euro
28.
This is the organization of European countries that work together to promote economic growth
a)
Euro
b)
European Union
c)
tariffs
d)
currency
29.
Products brought in from other countries.
a)
Imports
b)
Exports
30.
Products sent to other countries to be sold.
a)
Imports
b)
Exports
31.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
32.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
33.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
34.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
35.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
36.
How much people want something
a)
supply
b)
demand
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