NEW
Font size
WorksheetsEconomics Review
Total questions: 25
Worksheet time: 50mins
Each economic system should answer three basic questions, which of the following is not one of those questions?
What should be produced?
How should it be produced?
For whom should it be produced?
Where should it be produced?
The economic system where customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed is known as...
Traditional
Command
Market
Mixed
In what economic system are jobs passed down from generation to generation?
Traditional
Command
Market
Mixed
In traditional economies, bartering is used for trade. What is bartering?
Trading without money
Paying for goods and services
Creating goods to sell for money
Farming
Government planning groups make the basic economic decisions in this type of economy
Command
Market
Traditional
Mixed
In this economic system, the government determines which goods and services are to be produced, the prices, and the wage rate
Command
Traditional
Market
Mixed
The government, not the people, own all the farms and businesses in this type of economy
Command
Traditional
Mixed
Market
Workers are told what to produce and how much to produce and given a quota to fulfill in this type of economy
Command
Market
Traditional
Mixed
A benefit of a command economy is that prices are controlled and people know what something will cost
True
False
In this type of economy, decisions are driven by changes in prices that occur between buyers and sellers
Market
Command
Traditional
Mixed
Capitalism is another word for a market economy
True
False
Who owns businesses and farms in a market economy?
The government
Individuals and corporations
Collective ownership among all people
There is no ownership
In this economic system, each business or farm can decide what it wants to produce
Command
Market
Traditional
Socialist
The amount of goods available is known as...
Supply
Demand
Command
Change
How many consumers want the goods is known as...
Demand
Supply
Command
Population
Supply and demand determines the price people pay for things in a market economy
True
False
A benefit of this type of economy is that consumers can find the goods they want and can buy as much as they can afford
Market
Command
Mixed
Traditional
A problem with this type of economy is that there is no stability in prices, so businesses can go out of business with no help from the government
Market
Command
Traditional
Mixed
This type of economy has characteristics of both command and market
Mixed
Traditional
Blended
Commarket
All modern economies have characteristics of both command and market economies, so they are often referred to as traditional
True
False
What is an entrepreneur?
An individual who takes the risk of producing a product or starting a new business
A person who is in the entertainment business
Another name for a market economy
An amount of money owed to a bank
Why are entrepreneurs taking a risk by producing a new product or starting a new business?
Their product or business may or may not be successful, nothing is guaranteed
The government will not bail them out if they fail
There may not be a demand for their product or service
All of these
What did the young entrepreneur Maurice Scales invent?
Stub-No-More, socks designed to keep people from stubbing their toes
Baby No Mash, a device designed to keep his sister's fingers from being squeezed in the door
Protogloves, special gloves to protect his sister's hands
Baby Hulk Smash, a device designed to stop babies from crying with a giant green hand
What is usually the purpose of a new invention or innovation?
To solve an existing problem
To improve on an existing product
To create something new that will solve future problems
All of these
Farming, hunting, and herding are part of this type of economy
Traditional
Command
Mixed
Market
