Worksheetsclass 11 unit 1 types of economy and opportunity cost
Total questions: 23
Worksheet time: 26mins
Name
Class
Date
1.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
2.
If you tell me a price on something and I offer you a different price, this is an example of what kind of economy?
a)
Traditional
b)
Command
c)
Market
d)
Mixed
3.
The government has little to no role in the production of goods in this type of economy.
a)
Traditional
b)
Mixed
c)
Command
d)
Market
4.
Economics seeks the answer to the basic question of how to deal with ______.
a)
money
b)
hunger
c)
demand
d)
scarcity
5.
In this type of economy, the government places control on businesses, but the individual decides what to make.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
6.
If the buyer has a choice about what he or she wants to buy, we say they are a part of a ________________________.
a)
goods
b)
services
c)
scarcity
d)
free market economy
7.
An economy based on private ownership of business and consumers freely choose goods and services.
a)
Capitalism
b)
Communism
c)
Traditional
d)
Mixed
8.
An economy where the government controls the factors of production resources.
a)
command
b)
market
c)
capitalism
d)
mixed
9.
the value of the second-best choice that is given up when a decision is made
a)
opportunity cost
b)
producer
c)
profit
d)
scarcity
10.
someone who makes goods and services
a)
producer
b)
consumer
c)
entrepreneur
d)
government
11.
In an economy what three things must take place?
a)
Production, Relocation, Consumption
b)
Production, Distribution, and Consumption
c)
Production, Distribution, and Labeling
12.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
13.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
14.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
15.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
16.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
17.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
18.
Which economic system combines command and market economic systems
a)
traditional
b)
market
c)
mixed market
d)
command
19.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
20.
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
a)
muffins
b)
cookies
21.
Why does every economic decision involve an opportunity cost?
a)
scarce resources and unlimited wants
b)
few decisions have marginal benefit
c)
prices are always too high
d)
trade-offs are impossible
22.
The study of making, buying and selling of goods
a)
opportunity cost
b)
Economics
c)
specialization
d)
income
23.
Mrs. Bond really wants to buy a new pair of tennis shoes, but she decides to save it for a new coat. This is an example of:
a)
specialization
b)
opportunity cost
c)
savings
d)
income
100 %
