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WorksheetsEconomic Systems
Total questions: 73
Worksheet time: 37mins
Name
Class
Date
1.
In which economic system do people get their resources handed down from generation to generation?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
2.
In which economic system are people allowed a great deal of individual freedom and are financially rewarded for their hard work?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
3.
In which economic system does the government collect taxes to pay for programs that will benefit all citizens?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
4.
Josh and Sadie live in a country that has a fairly high tax rate to support a large government which in turn provides all citizens with free education, welfare, healthcare, and social security. What type of economic system do Josh and Sadie have?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
5.
In what economic system do consumers freely decide what they want?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
6.
In what economic system does the government make decisions on products?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
7.
Farmers who only grow enough food for their family with little surplus are known as...
a)
subsistence farmers
b)
commerical farmers
c)
light farmers
d)
heavy farmers
8.
Farmers who grow plenty of food and sell it to make profit are known as...
a)
subsistence farmers
b)
commerical farmers
c)
light farmers
d)
heavy farmers
9.
The term used to describe an organized way in which a country uses its resources for the production and exchange of goods and services.
a)
economic activity
b)
economic system
c)
economic development
d)
work
10.
The economic system that is based on traditional beliefs, technology, and methods is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
11.
The economic system in which people are doing things the way they've always been done is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
12.
The economic system where resources are passed down from one generation to the next is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
13.
The economic system in which people live a subsistence lifestyle, growing enough food for themselves and their family or community is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
14.
The advantages of this economic system are: family and community ties are strong, everyone is provided for, life is stable and predictable, it is good for the environment...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
15.
In what economic system are new ideas, new technology discouraged resulting in a lower standard of living?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
16.
In what economic system is production of goods generally inefficient because most of the work is done the old way?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
17.
The Inuit of northern Canada are among the few communities that still have what type of economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
18.
The economic system where private individuals freely choose what to buy and what to sell is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
19.
The economic system that operates as a partnership between consumers and private businesses is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
20.
Buyers and seller exchange goods and services in a "market" - which describes this economic system...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
21.
In what economic system do people make decisions that are in their own best interest?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
22.
In what economic system are all aspects of production privately owned?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
23.
In what economic system is there lots of individual freedom with little or no government interference?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
24.
In what economic system is there a large variety of goods and services resulting in a high degree of consumer satisfaction?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
25.
Supply and demand is common in which type of economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
26.
Many people can achieve wealth in this type of economic system...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
27.
The economic system in which rewards are given to those who are productive, not for those who don't or can't work is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
28.
The economic system where there is little incentive to do charity work is...`
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
29.
The people of which community have the most individual economic freedom?
a)
New Zealand
b)
Singapore
c)
United States
d)
North Korea
30.
The government makes all major economic decisions for products, locations, and prices in which economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
31.
The supporters of this economic system believe that the problems in society are caused by the unequal distribution of wealth...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
32.
The economic system where all resources are equally distributed is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
33.
The economic system based on the wish for equality and dislike of social classes is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
34.
The economic system that believes that all farms and factories should be owned by everyone "the people" rather than by individuals is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
35.
The economic system in which healthcare and other public services are available to everyone for little or no cost is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
36.
The economic system in which the government guarantees everyone a place to work is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
37.
The economic system that severely limits private property rights is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
38.
The economic system in which consumers' basic wants and needs are ignored is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
39.
The country that has the most communist economic system is...
a)
New Zealand
b)
Singapore
c)
United States
d)
North Korea
40.
Cuba has which type of economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
41.
The founder of capitalism is...
a)
Adam Smith
b)
Kim Jung Un
c)
Karl Marx
d)
Vladimir Lenin
42.
The founder of communism is...
a)
Adam Smith
b)
Kim Jung Un
c)
Karl Marx
d)
Vladimir Lenin
43.
In which economic system does the government play a major role, making all decisions about how many manufactured goods will be produced and which farm products will be grown?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
44.
In which economic system does the government allow prices to fluctuate with supply and demand?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
45.
In which economic system are all resources owned and controlled by private individuals?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
46.
In which economic system are almost all resources owned and controlled by the government?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
47.
In which economic system are people allowed to own property including houses, land, and their own businesses?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
48.
In which economic system has all private property been abolished?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
49.
Hard work and education provide for more opportunities to earn higher wages and benefits are a key component in which economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
50.
No rich and no poor; all profits are equally shared with all people is a key component in which economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
51.
A company's profits belong to the private owner in which economic system?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
52.
Which economic system allows individual freedom with some government intervention?
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
53.
The economic system that is a cross between capitalism and communism is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
54.
The economic system that allows for both private and public ownership of resources and property is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
55.
The economic system in which the government regulates the markets to make sure the rights of the workers and consumers are protected is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
56.
The economic system in which the government uses a progressive tax system to charge the wealthy at a higher rate than the poor is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
57.
The economic system in which the tax money is used to ensure all citizens have the basic needs of housing, education, security, and healthcare is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
58.
The economic system in which the government allows a wide range of individual freedom but guarantees that all are provided for is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
59.
The economic system that nearly all countries in the world have is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
60.
The United States economic system is...
a)
capitalism or market
b)
traditional or subsistence
c)
socialism or mixed
d)
communism or command
61.
The extent to which a person is able to provide for the basic needs and wants of themselves and/or their dependents.
a)
efficiency
b)
growth
c)
freedom
d)
security
62.
The extent to which consumers and producers have unrestricted choice in the goods and services they buy, sell and produce.
a)
stability
b)
growth
c)
security
d)
freedom
63.
The extent to which an economy develops more or better access to resources and/or more or better access to income opportunities.
a)
growth
b)
equity
c)
freedom
d)
security
64.
The extent to which a business or economy is able to produce services and goods with relatively competitive speeds and quality, and relatively low waste.
a)
growth
b)
equity
c)
freedom
d)
efficiency
65.
This article features a proposal to temporarily cut taxes on gasoline until the end of the year in order to offset the rising cost of fuel for American consumers. The most immediate and primary goal of this proposal is...
a)
Decrease economic security
b)
Increase economic security
c)
Decrease economic growth
d)
Increase economic growth
66.
Which of the following economic policies most directly represents an effort to increase economic equity?
a)
In Russia the government is able to close media outlets that criticize government actions.
b)
In China exclusive economic zones create market policies that promote rapid business development.
c)
In Sweden parents receive government tax funds to send their children to privately managed schools.
d)
In Canada all citizens receive universalized healthcare through government programs.
67.
Pictured are tax brackets for Finland. The lowest income earners pay an effect 6.01% income tax while the highest income earners pay up to 49% income tax. In Finland income taxes are used for a variety of social service programs. This tax system represents a primary emphasis on economic...
a)
freedom
b)
growth
c)
efficiency
d)
equity
68.
In my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.
a)
freedom
b)
efficiency
c)
growth
d)
security
69.
I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older. I’ve wanted to be one since I was a little kid.
a)
security
b)
equity
c)
stability
d)
freedom
70.
My mom had to have surgery. Luckily she won’t have to pay the medical bills since she went to the government-run hospital. They even gave her the prescriptions at no cost.
a)
equity
b)
security
c)
freedom
d)
efficiency
71.
My restaurant has been so busy lately. So busy that I hired more waiters and added opened up a patio on the roof with additional seating.
a)
efficiency
b)
growth
c)
security
d)
stability
72.
I love the supermarket in my neighborhood. They always have what I need, and everything is so reasonably priced. It helps me keep to my budget, which helps me have money to pay my rent every month.
a)
stability
b)
freedom
c)
growth
d)
security
73.
I’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same amount of money as me. It makes me so mad.
a)
efficiency
b)
equity
c)
growth
d)
freedom
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