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WorksheetsWorld Economies
Total questions: 20
Worksheet time: 10mins
A nation where economic decisions are made by the central government represents what type of economy?
Traditional
Command
Market
Mixed
What type of economy does the US have today?
Traditional
Command
Market
Mixed
What type of economy did the US have in the 19th century?
Traditional
Command
Market
Mixed
Who is responsible for making economic decisions in a market economy?
the central government
big business
individuals
the central government and individuals
Which of the following companies did NOT go bankrupt during the 2008 recession?
Countrywide Financial
Bank of America
Lehman Brothers
AIG
Which of the following was NOT a cause of the 2008 recession?
subprime mortgages
gambling on derivatives
Iceland's bank failure
the US govt's failure to regulate the banking industry
What is the difference between a traditional economy and a market economy
Market Economy-based on custom
Trad. Economy-based on supply & demand
Market Economy-based on govt needs
Trad. Economy-based on habit & custom
What economy is also known as Communism?
Traditional
Command
Market
Mixed
What economy is most associated with Adam Smith?
Traditional
Command
Market
Mixed
What economist believes that deficit spending would help the economy by stimulating it during times of debt?
John Maynard Keynes
Adam Smith
John Locke
Karl Marx
Why would the US place tariffs on goods?
to create a large percentage of federal revenue
to make it easier to import goods
to protect American jobs and industries
to close the borders to all foreign trade
When a country exports $2.5B worth of goods and imports $4.2B worth of goods, it is said to have what?
Favorable Balance of Trade
Budget Surplus
Unfavorable Balance of Trade
Budget Deficit
What policy would a government use to prohibit trade with another country?
Tariff
Export Quota
Imort Quota
Embargo
What does NAFTA do?
reduce trade barriers between all countries
reduce trade barriers between the US, Mexico and Canada only
increase government revenue from tariffs
reduce competition between European countries
What is democratic-socialism?
Another word for a traditional economy
Another word for a command economy
Another word for a market economy
Another word for a mixed economy
Why is the US not a purely capitalistic country?
the government regulates wages
the government regulates treatment of workers
the government issues a retirement pension to workers called Social Security
all of the above
What is the USMCA?
Pres. Trump's replacement of NAFTA
a trade agreement
a document between the US, Mexico and Canada
All of the above
According to Karl Mark, what does capitalism do?
builds a strong economy
grants tax breaks for the wealthy
lead to fights between the poor and the wealthy
all of the above
What market was particularly hit the hardest in the 2008 recession, being called the “biggest financial bubble in history”?
banking
housing
manufacturing
mining
What is an example of Adam Smith's idea of invisible hand?
Collecting a paycheck when a new company opens up
Allowing 5 year-old children to work in coal mines full time
Being able to serve fish that has gone bad to a restaurant full of customers
Charging for extra sauce packets when purchasing MCDonald's Chicken McNuggets
