WorksheetsEconomics Review
Total questions: 25
Worksheet time: 13mins
The value of what we give up when we choose something else is known as an _____________________
Infrastructure
Opportunity Cost
Industrialization
Market Economy
An economic system that blends elements of others together is known as a _____________
command economy
market economy
traditional economy
mixed economy
An economic system in which the government makes all economic decisions is known as a ___________________
command economy
market economy
traditional economy
mixed economy
Economic system in which decisions are made by business owners and consumers through supply and demand is known as a _______________________
command economy
market economy
mixed economy
traditional economy
True or False: In a market economy, individuals can own private property.
True
False
True or False: In a market economy, people are paid evenly no matter their job.
True
False
Wealthier countries that have a great deal of manufacturing and service industries and have high incomes are known as _______________.
developed countries
developing countries
newly industrialized countries
Wakanda
Countries where most people work in agriculture, there are low incomes, and poverty is an issue are known as ____________
developed countries
newly industrialized countries
developing countries
An ________ is when a country sells, or sends away goods and services to another country.
export
import
tariff
free trade
An ________ is when a country buys or brings in goods and services from another country.
import
export
tariff
interdependence
I sell landscape rocks. I just ordered tons, but a new gardening show has got everyone decorating with gnomes instead. What am I going to do with all these rocks?
Raise the price
Lower the price
Throw rocks at every gnome I see
True or False: In a market economy, competition can help create better products and lower prices for the consumer.
True
False
Someone who buys or uses goods and services.
producer
services
consumer
Lack of available resources.
services
scarcity
goods
People who produce goods and services.
producer
consumer
market
What is an example of a need?
TV
video game
bike
food
When there is a high demand for a good/service, then prices will go up.
True
False
Poor; Living on less than $2 a day
Poverty
The level at which a person, group, or nation lives as measured by the extent by which it meets its needs
Earned money
Income
Savings
A ban on trade with a certain country
A tax paid on an imported item
Which of the following is NOT true about a command economy?
Communism is a type of command economy.
People have no choice when it comes to available goods.
There is no incentive to work hard in a command economy.
Most countries with a command economy are democracies.
Which of the following is NOT true about world trade?
World trade results in higher standards of living.
World trade results in better quality goods.
World trade results in higher prices.
World trade allows countries to specialize and produce only goods they are relatively efficient at making.
A system for exchanging different forms of currency is necessary for world trade.
