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Economics Quizizz Quiz Review

Total questions: 107

Worksheet time: 1hrs 13mins

Name
Class
Date
1.

What is a characteristic of a market economy?

a)

markets

b)

private property

c)

competition

d)

all of the above

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

a)

Traditional

b)

Command

c)

Market

d)

Mixed

4.

In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.

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.

A market economy is a system where businesses and _______________ decide what to buy and sell.

a)

local leaders

b)

government leaders

c)

consumers

d)

trade agreements

7.

In a market economy, the system depends on _____________________.

a)

the government

b)

buyers and sellers

c)

buyers

d)

sellers

8.

Which of the following is not a part of a free market system?

a)

demand

b)

monopolies

c)

trade barriers

d)

banks

9.
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
10.

Oil, natural gas, and coal

a)

human resources

b)

natural resources

c)

entrepreneurship

d)

capital resources

11.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
12.
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.
13.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
14.
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?
d)
What to produce? How to produce? When to produce?
15.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

16.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

17.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
18.

WHAT IS LABOR?

a)

work people do for pay to produce good and services

b)

actions people do for other people

c)

any physical object

d)

The money people get for inheritance

19.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

20.

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

21.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
22.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
23.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
24.

How many factors of production do we have?

a)

1

b)

4

c)

2

d)

3

25.

Identify the correct factor of production.

Individuals with great ideas and willing to take risks.

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

26.

Identify the correct factor of production.

Machinery and factories are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

27.

Identify the correct factor of production.

Water, wood and fish are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

28.

Identify the correct factor of production.

Any person working will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

29.

The exchange of goods and services by sale or barter driven by the need for resources.

a)

Fair Trade

b)

Globalization

c)

Trade

d)

Standard of Living

30.

Sending goods to another country to sell.

a)

import

b)

export

31.

Bringing goods in from another country to sell.

a)

import

b)

export

32.

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).

a)

Free Trade

b)

Trade

c)

Goods

d)

Supply and Demand

33.
Gross Domestic Product measures the 
a)
quantity of the goods and services produced in a given year, listed item by item, within a country.
b)
market value of the final goods and services produced in a given year within a country.
c)
measures the market value of the domestic labor in a given year within a country. 
d)
market value of the final goods and services consumed by households in a given year within a country.
34.

What are the 4 natural resources?

a)

Land, Labor, Capital, Entrepreneurship

b)

Entrepreneurship, Natural resources, Human resources, Capital resources

c)

people, trees, machines, sun

d)

weather, trees, dirt, people

35.

The _________________ the county's GDP, the better the standard of living.

a)

lower

b)

higher

c)

Entrepreneurship

d)

natural resources

36.
What can cause a country to have a low literacy rate? 
a)
Uneducated Parents 
b)
Lack of learning materials
c)
Lack of resources (poverty) 
d)
all of these
37.
What is life expectancy?
a)
It measures how well off people in the country are. 
b)
The percentage of adults who can read and write
c)
the average number of years a person in a country is expected to live
d)
none of these
38.
What is standard of living?
a)
the ability to read and write.
b)
the percentage of people in a country that can read and write.
c)
It measures how well off people in a country are. 
d)
the average number of years a person in a country is expected to live. 
39.

In 2010, Mexico placed a limit on the amount of potatoes it will import.

a)

Tariff

b)

Quota

c)

Embargo

40.

The United States prohibited all imports and exports to and from Cuba in the 1960s.

a)

Tariff

b)

Quota

c)

Embargo

41.

Argentina has placed a tax on foreign milk imports to protect their dairy farmers.

a)

Tariff

b)

Quota

c)

Embargo

42.

Brazil will not trade with Venezuela because of their Communist dictatorship.

a)

Tariff

b)

Quota

c)

Embargo

43.

Australia places a limit on the amount of foreign timber products it will import.

a)

Tariff

b)

Quota

c)

Embargo

44.

Australia places a limit on the amount of foreign timber products it will import.

a)

Tariff

b)

Quota

c)

Embargo

45.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
46.
This is a tax on imports that is used to increase price of foreign products and raise government revenue. 
a)
tariff
b)
quota
c)
subsidy
d)
embargo
47.
If a country limits the amount of an imported good, they are using a 
a)
embargo
b)
tariff
c)
quota
48.
A barrier is meant to 
a)
encourage the flow of trade
b)
block or slow down trade
c)
make people obey the government 
49.
When a country refuses to trade with others it is participating in a trade ______
a)
tariff
b)
embargo
c)
quota
50.
A tariff is a ______
a)
tax placed on imported goods
b)
a limit placed on imported goods
c)
a stop of all trade 
51.
Free enterprise and no government regulation on the economy
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
52.
A tariff....
a)
Encourages people to buy goods made from their country.
b)
Increases trade between other countries.
c)
Stops trade completely.
d)
Only placed to encourage democracy.
53.
A tariff....
a)
Encourages people to buy goods made from their country.
b)
Increases trade between other countries.
c)
Stops trade completely.
d)
Only placed to encourage democracy.
54.
What happens to GDP when education levels go up?
a)
GDP increases
b)
GDP decreases
c)
GDP stays the same
d)
It is difficult to increase educational levels
55.
What happens to GDP when education levels go up?
a)
GDP increases
b)
GDP decreases
c)
GDP stays the same
d)
It is difficult to increase educational levels
56.
GDP is the total value of goods and services
a)
produced all over the world
b)
produced in one month
c)
produced within a nation's borders
d)
produced by a singl company
57.

Which of the following best describes Human Development?

a)

Measures high, low and middle income countries.

b)

The environment people grow in.

c)

Used to compare countries to see what life would be like.

d)

Is a concept that provides a more accurate picture of well people are living in their countries.

58.
What makes up the human development index?
a)
life expectancy
b)
per capita income
c)
education level and literacy rate
d)
all of the above
59.
What does the human development index of a country tell us? 
a)
the quality of life in a country
b)
 the quantity of life in a country
60.
What factors affect life expectancy?
a)
level of poverty
b)
diet and nutrition
c)
number of doctors
d)
all of the above
61.
What is infant mortality rate?
a)
the number of infant born in an area 
b)
none of the above
c)
the number of infants who die for every thousand births 
62.
Identify what type of country this would be: HIGH literacy rate, LOW infant mortality rate, HIGH GDP per capita 
a)
Least Developed (LEDC) 
b)
Newly Developed
c)
More Developed (MEDC)
63.

Countries with low level of literacy are in which level of economic development?

a)

More Developed

b)

Newly Industrialized

c)

Less Developed

64.

The type of government that has total control over the people and the police use power by force is called what?

a)

Anarchy

b)

Monarchy

c)

Limited

d)

Authoritarian

65.

The type of government that has total control over the people and the police use power by force is called what?

a)

Anarchy

b)

Monarchy

c)

Limited

d)

Authoritarian

66.

The type of government that has total control over the people and the police use power by force is called what?

a)

Anarchy

b)

Monarchy

c)

Limited

d)

Authoritarian

67.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

68.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

69.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
70.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
71.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
72.
Your Mail lady is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
73.
A steel factory is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
74.
Your Mail lady is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
75.
The Chromebooks you are using are examples of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
76.

Bill Gates is an example of...

a)

Land

b)

Labor

c)

An Entrepreneurs

d)

Capital

77.
Cashiers at McDonalds are examples of ….
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
78.
What is a characteristics of a market economy?
a)
lack of choice
b)
individual choice
c)
competition
d)
central ownership of property
79.
Which type of economy has central ownership and lack of individual choice?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
80.
Which type of economic system bases its decisions on custom?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
81.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
82.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
83.
Which type of economy is based on traditions and beliefs?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
84.
Which type of economy involves trading, and doesn't usually use money?
a)
Command
b)
Traditional
c)
Market
d)
Mixed
85.
Which type of economy has the government making all decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
86.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
87.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
88.
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
89.
My father was a fisherman, I am a fisherman and my son will be a fisherman.
a)
Market
b)
Mixed
c)
Traditional
d)
Command
90.

Which type of economic system bases its decisions on custom?

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

d)

Traditional Economy

91.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
92.
Prices and wages are determined by producer supply and consumer demand.
a)
traditional
b)
command
c)
market
d)
mixed
93.
Government regulates certain industries.
a)
traditional 
b)
command
c)
market
d)
mixed
94.
Government regulates certain industries.
a)
traditional 
b)
command
c)
market
d)
mixed
95.

_________ is the amount of people in a country who can read and write

a)

Standard of Living

b)

Gross Domestic Product

c)

Literacy Rate

d)

GDP per Capital

96.

What is standard of living?

a)

is a measure of the minimum amount of money thought to be adequate for life

b)

A measure of how well off the people are in a country

c)

A lack of money and basic necessities needed for life

97.

What is a life expectancy?

a)

is the average number of years a person can expect to live at any given age

b)

is the average of how much everyone in the country makes

c)

is the lack of both money and the basic necessities needed for life, including: food, water, shelter, healthcare

d)

the amount of babies that die before their first birthday per year

98.

If a country has a high literacy rate, then it will usually have a high standard of living.

a)

True

b)

False

99.

What is infant morality rate?

a)

The number of people in an area that can read or write

b)

The measure infant deaths per 1,000 live births

c)

The number of people living in a particular area

d)

The number of people who are born in a particular area

100.

If a country has a high infant morality rate and low literacy rate, what can you say about its standard of living?

a)

It has a high standard of living

b)

It has a low standard of living

c)

Its standard of living isn't affected

101.

Literacy rate is the percentage of a country's population over the ______ that can read and write.

a)

age of 12

b)

age of 18

c)

age of 16

d)

age of 15

102.

A developing or third world country has a high or low standard of living?

a)

Low standard of living

b)

High standard of living

103.

Wealth, healthcare, access to technology, and literacy rate help make up ______?

a)

GDP

b)

GDP per Capita

c)

Standard of Living

104.

The goal of a country is to have ____ percent literacy rate.

a)

75

b)

50

c)

95

d)

100

105.

True or False: The standard of living is low in the UK & Germany.

a)

True

b)

False

106.

The goal of a country is to have ____ percent literacy rate.

a)

75

b)

50

c)

95

d)

100

107.

This country has a high literacy rate but lower standard of living because of its communist past.

a)

Russia

b)

Germany

c)

United Kingdom

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