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Economic system

Total questions: 30

Worksheet time: 30mins

Name
Class
Date
1.

In my country my job is the same one that my family has done over the past 200 years.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

2.

In my country, central planners decide when we should expand old factories and build new ones.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

3.

In my country, the government makes all the economic decisions.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

4.

,In my country, the government tells me where to work.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

5.

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

6.
In a command economy, who holds power over the economy?
a)
The people
b)
The government 
c)
Beyonce
d)
The traditions of your ancesetors 
7.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
8.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
9.
If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
10.
If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
a)
Mixed
b)
Traditional
c)
Market 
d)
Command
11.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
12.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism 
c)
Mixed 
d)
Command 
13.
Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
14.

The country of North Korea has a dictator that makes almost all of the economic decisions. What type of economy is this?

a)

Traditional

b)

Market

c)

Command

d)

Centrally Planned

15.

__________ : when people want or need more of something than there is.

a)

Scarcity

b)

Profit

c)

Opportunity Cost

d)

Tax

16.

To trade goods

a)

Taxes

b)

Barter

c)

Service

d)

Producer

17.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
18.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

19.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
20.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
21.

Moana's village would be an example of a ___________ economy.

a)

Traditional

b)

Planned/command

c)

Mixed

d)

Free-market

22.

A _________ economy is a market-based system in which the government is involved to some extent.

a)

Traditional

b)

Planned/command

c)

Mixed

d)

Free Market

23.

An example of a public good provided by the government would be:

a)

Cars

b)

Interstate highway

c)

Phones

d)

Internet

24.

__________ is an example of a planned/command economy.

a)

Capitalism

b)

Traditional

c)

Uniited States of America

d)

Communism

25.
Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.
a)
Free Market
b)
Command
c)
Traditional
26.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
27.
This economy type is economy type is based on long standing customs. Its found in poor regions and involves few resources
a)
command
b)
market
c)
capitalism
d)
traditional
28.
This system is still found around the world. All economic decisions are made by the government 
a)
market
b)
socialism
c)
command
d)
capitalism
29.
This economic system mostly produces mineral, industrial and military goods. It does not focus on consumer needs or wants.
a)
command
b)
market
c)
communism
d)
traditional
30.
Which of the following makes the American economy a mixed system? 
a)
the creation of monopolies
b)
government regulations
c)
control by the govt. of the agricultural industry
d)
investments in human capital

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