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BUS 2.2

Total questions: 10

Worksheet time: 20mins

Name
Class
Date
1.

The three basic economic questions begin with each word except _________.

a)

how

b)

who

c)

what

d)

why

2.

Economic systems are the methods societies use to distribute ____________.

a)

income

b)

resources

c)

possessions

d)

wealth

3.

In a market economy, economic decisions are made ________.

a)

at the top

b)

by industry leaders

c)

by individuals

d)

by the market place

4.

The amount of money given or asked for when a service is called the ____________.

a)

cost

b)

dollars

c)

price

d)

worth

5.

The amount of goods that producers will provide at various price is called _________.

a)

quantity

b)

stock

c)

reserve

d)

supply

6.

The quantity of goods that consumers are willing and able to buy at various prices is called ___________.

a)

demand

b)

request

c)

purchase

d)

sale

7.

The point at which the quantity demanded at the quantity supplied meet is called the _________ price.

a)

break-even

b)

dynamic

c)

compromise

d)

equilibrium

8.

In a command economy, key economic decisions are made by _________.

a)

a central authority

b)

entrepreneurs

c)

individuals

d)

capitalists

9.

The United States is primarily a _______ economy.

a)

command

b)

market

c)

consumer

d)

pizza

10.

Another name for a market economy is a __________ system.

a)

competitive

b)

democratic

c)

contemporary

d)

capitalism