WorksheetsWhat is an Economy? Review
Total questions: 15
Worksheet time: 9mins
True or False - To obtain the things you want and need, you use both natural and human resources.
(a)
Which of the following is an example of a nonrenewable resource?
water
coal
trees
wind
Which of the following are all factors of production?
land, labor, and gross domestic product
labor, service industries, and capital
land, labor, and capital
capital, service industries, and labor
In which type of economy are most of the means of production privately owned?
traditional economy
command economy
mixed economy
market economy
Which of the following is an example of a job in the primary sector, which produces raw materials and basic goods?
auto mechanic
physician
farmer
banker
In economics, what is meant by the term productivity?
a measure of what is produced and what is required to produce it
the level at which a person, group, or nation lives
the percentage of the labor force that is employed
the total dollar value of all final goods and services produced in a year
In which type of economic system are resources distributed mainly through families?
traditional economy
market economy
command economy
mixed economy
A _____ is also referred to as capitalism.
traditional economy
market economy
command economy
mixed economy
In which type of economy are the production and distribution of resources controlled by the government?
traditional economy
market economy
command economy
mixed economy
What type of economic system does the United States have?
traditional economy
market economy
command economy
mixed economy
Which term refers to the total dollar value of all final goods and services produced in a country during a single year?
standard of living
productivity
gross domestic product
exports
A nation's standard of living is determined by the ability to meet people's needs for food, shelter, clothing, education, and _____.
recreation
health care
free trade
productivity
Which of the following is are the three basic economic questions?
What should be produced?
How should it be produced?
How should what is produced be distributed?
What should it cost?
How many should be made?
True or False: Employees are an example of capital.
(a)
True or False: The United States has a command economy
(a)
