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WorksheetsEconomic Systems
Total questions: 49
Worksheet time: 49mins
Katia is an accountant in a government run business where she was placed after graduation.
Command
Traditional
Market
Mixed
Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.
Traditional
Market
Mixed
Command
Joe owns a shoe store. At the end of the month Joe decides what to do with his profits.
Command
Market
Traditional
Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.
Market
Command
Traditional
Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government.
Traditional
Market
Mixed
Command
Sally works in a private company that has to follow government rules for public safety.
Market
Command
Mixed
Traditional
Who or what answers the basic economic questions in a MIXED economy?
Individuals and Businesses
Government
Custom
Individuals, Businesses, and Government
Who or what answers the basic economic questions in a COMMAND economy?
Individuals and Businesses
Government
Custom
Individuals, Businesses, and Government
Who or what answers the basic economic questions in a MARKET economy?
Individuals and Businesses
Government
Custom
Individuals, Businesses, and Government
________ is the most basic or fundamental economic PROBLEM.
Scarcity
Labor
Greed
Capital
What type of economy do MOST countries in the world have?
Market economy
Command economy
Traditional economy
Mixed economy
In my country, central planners decide when we should expand old factories and build new ones.
Traditional
Command
Market
Mixed
Which of the following is NOT one of the questions that ALL economic systems answer?
What will we produce?
How will we produce it?
For whom will it be produced?
When does production start?
What does Gross Domestic Product
mean?
The total value of all goods and services a country imports.
The total value of all goods and services a country exports.
The total value of all goods and services produced within a country in one year.
The net loss in profits within a country due to imports.
The___________ a country’s GDP, the better the country’s standard of living.
lower
greater
smaller
answers 1 and 3 are correct
Reduces extreme ups and downs in our economy and helps to keep prices from changing too quickly
security
growth
full employment
stability
freedom
Female worker sues company for discrimination in the workplace.
Economic Equity
Economic Growth
Economic Freedom
Economic Productivity
Which of the following is NOT an indicator of standard of living?
Literacy rate
Population age distribution
Infant mortality
Cultural heritage
Which of the following regions include mostly developing nations?
African countries
Europe
North America
Scandinavian countries
Which of the following is an indicator of economic development?
High illiteracy
Unskilled labor force
Gross domestic product per capita
Under developed tertiary sectors
The greater the country’s level of economic development, the —
higher the quality of life
higher the agricultural labor force
lower the cost of living
lower the urban population
There are a number of indicators concerning the economic development of a nation. Which of the following is NOT considered to be such an indicator?
distribution of urban/rural population
religious freedoms
educational opportunities
environmental controls
When measuring the standard of living of a nation, which of the following would NOT be considered an important factor?
birth rate and infant mortality
literacy rate
population age distribution
size of the fishing industry
Most people in developing nations earn their living by —
farming.
hunting and fishing.
working in manufacturing
industries.
working in service industries.
Which of the following is a true statement about the economic development of nations?
Resources and technology influence the economic development and quality of life in nations.
Although important, the economic development of nations has little effect on the quality of life of its people.
Modern technology is so widespread today that most people around the world have an acceptable quality of life.
All but a few countries are developed
nations today.
Which of the following is most likely a characteristic of a developing country?
Low unemployment rate
High GDP per capita
High birth rate
High literacy rate
Which factor is most responsible for increasing life expectancy in many less industrialized nations?
Declining birth rates
Availability of health insurance
Access to primary education
Improved health care programs
Countries with high levels of literacy and higher education are in which level of economic development?
More Developed
Newly Industrialized
Less Developed
Countries with low level of literacy are in which level of economic development?
More Developed
Newly Industrialized
Less Developed
Countries with high infant mortality rates and low life expectancy are in which level of economic development?
More Developed
Newly Industrialized
Less Developed
Countries with strong infrastructure [transportation/ communication/ healthcare/ education systems] would be which level of economic development?
More Developed
Newly Industrialized
Less Developed
Three indicators of development of a country
GDP per capita, literacy rate and life expectancy.
Richness, industrial production and business
Multinationals and industry
Technology, trade and research
