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Types of Economies

Total questions: 24

Worksheet time: 12mins

Name
Class
Date
1.

The three questions such as What to produce, How to produce, and Whom to produce are to be considered in

a)

All Economies

b)

Market Economy

c)

Planned Economy

d)

Traditional Economy

2.

The following resources such as Land, Labor, Capital, and Entrepreneurship are used in which economies

a)

All economies

b)

Market Economy

c)

Planned Economy

d)

Traditional Economy

3.

What economy allows us to exchange voluntary and operates under games.

a)

Market Economy

b)

Planned Economy

c)

Traditonal Economy

d)

Don't Select this option

4.

If you bought your favorite pair of shoes and got complements from everyone at school this is an example of what type of game?

a)

Positive Sum Game

b)

Zero Sum Game

c)

Negative Sum Game

d)

Don't select this option

5.

You and Tanner had been working on a group project. Tanner has done most of the work while you have been sitting back and eating chips every class session. You both get an A on the project. Although you didn't work you benefited from this experience. This is an example of?

a)

Postive Sum Game

b)

Zero Sum Game

c)

Negative Sum Game

d)

Don't select this answer.

6.

Your dad works at toys r us. This company has not been making good money for the past three months. One day your dad comes into work and they told him he can leave. This is an example of what type of game

a)

Positive Sum Game

b)

Negative Sum Game

c)

Zero Sum Game

d)

Don't select this option

7.

In making a purchase what do people have to consider in a market economy

a)

rent, wages, and profits

b)

will my peers like what i am buying

c)

Nothing! Just make the purchase

d)

Will my brother or sister let me make the purchase

8.

In a market economy how many quantities of a product can be produced

a)

Endless amount

b)

Specified number. If I say 10 then its 10.

9.

In a market economy which is considered the most important

a)

Rent

b)

Wages

c)

Profits

d)

Don't select this answer

10.

Bill is starting to open a business called Bill n' B. Once opening his business Bill decides that he is going to produce diet water. He is Not going to consider consumers in this process of deciding what to produce. Bill not considering his customers is an example of?

a)

Capitalistic Society

b)

Economic Freedom

c)

Consumer Sovereignty

11.

Claire opens up a music store in her hometown. Right away before she starts producing anything she wants to know what her customers would like to be produced. Claire being open minded and allowing consumers to dedicate what to be produced is an example of

a)

Consumer Sovereignty

b)

Capitalistic Society

c)

Economic freedom

12.

What indicates the different quantities people intend to purchase at different prices per unit of time.

a)

Demand

b)

Supply

c)

Increase in Demand

d)

Decrease in Demand

13.

What Is a schedule that indicates the different quantities that sellers intend to produce and sell at different prices per unit of time other things held constant.

a)

Supply

b)

Demand

c)

Decrease in Demand

d)

Increase in Demand

14.

You always purchase Oreo's at your store for 3.00. You return to the cookie aisle a month later and notice that the Oreo's have went up to 8.00. You are outraged and refuse to buy this item. You decide to purchase great value brand that are a $1.00. What is this an example of?

a)

Decrease in demand. The price of a good change leading to no one wanting the product anymore.

b)

Increase in demand. There is something about the good you like where you just want to buy it!

c)

Demand

d)

Supply

15.

You always buy a video game when your parents take you to Walmart. You make an income and earn money by mowing people's yards during your free time however, you have not been asked that much this month. You look in your wallet and discover you have a $16 dollars. The game you are wanting is $60. You forget about it and leave the store with no game. This is an example of?

a)

Decrease in Demand. Your income decreased therefore you may want the product but, can't afford to buy it.

b)

Increase in Demand. there is something about the good you like where you just want to buy it!

c)

Supply

d)

Demand

16.

Back in 2005 Mr. Bradley would drink Nesquik Chocolate milk. In 2010 however, Mr. Bradley noticed that the taste was not original as it was before. He now buys purity chocolate milk this is an example of?

a)

Demand Decreased. Taste played a huge role as due to the change the product was less demanded now

b)

Demand Increased. The taste is so original and authentic to this day. How could I buy another chocolate milk

c)

Demand

d)

Supply

17.

If the price of a substitute increases while holding everything constant the demand curve will shift to the right. This is

a)

Increase in Demand

b)

Decrease in Demand

c)

Demand

d)

Supply

18.

What economy is known as a ruling oligarchy where a small group of people come together and decides at what quantities will be produced

a)

Planned Economy

b)

Market Economy

c)

Traditional

19.

Which of the following are used for war-goods in a planned economy

a)

Land

b)

Labor

c)

Capital

d)

entrepreneurship

20.

Who actually operated under a planned economy and solved an issue in shortages by introducing individual plots of land, state farming, and collective taxes

a)

Joseph Stalin

b)

James Harrod

c)

Daniel Boone

d)

Virginia Wiley

21.

The negatives to planned economies are

a)

Shortages of consumer goods

b)

lack of new ideas

c)

goods were in poor quality

d)

no competition

22.

What economy was known as a tribal economy where you produced what your family produced per unit of time based on the weather.

a)

Traditional economy

b)

Planned economy

c)

Market economy

23.

In a traditional Economy how would you produce a good

a)

the same way your parents did

b)

in your own style

c)

how your friends did it

d)

how entrepreneurs did it

24.

In a traditional economy who would be the first person receiving the good in question

a)

Father

b)

Children

c)

Mother