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WorksheetsEconomic systems
Total questions: 11
Worksheet time: 8mins
Name
Class
Date
1.
An economic system in which individuals and businesses make decisions about what to produce.
a)
Market economy
b)
Mixed economy
c)
Communism
d)
Command economy
2.
What are capital resources?
a)
things from nature used to produce goods
b)
the machines, tools, and buildings used to produce goods
c)
the people used to produce goods
3.
There are four types of economic systems. Most economies are _____.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
4.
With which term is a command economic system MOST closely associated?
a)
Entrepreneurship
b)
Economic Freedom
c)
Perfect competition
d)
Governmental regulation
5.
Oil, natural gas, and coal
a)
human resources
b)
natural resources
c)
entrepreneurship
d)
capital resources
6.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
7.
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.
8.
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
9.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
10.
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
11.
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
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