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WorksheetsEconomic Systems
Total questions: 15
Worksheet time: 14mins
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.
There are four types of economic systems. Most economies are _____.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
3.
With which term is a command economic system MOST closely associated?
a)
Entrepreneurship
b)
Economic Freedom
c)
Perfect competition
d)
Governmental regulation
4.
Competition and profit motive are important characteristics of a:
a)
command economy
b)
traditional economy
c)
market economy
d)
socialist economy
5.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
6.
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.
7.
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
8.
In this type of economy, the individual decides who to sell their products to.
a)
Traditional
b)
Mixed
c)
Market
d)
Command
9.
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
10.
A _________ economy is a market-based system in which the government is involved to some extent.
a)
Traditional
b)
Planned/command
c)
Mixed
d)
Free Market
11.
Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional
b)
Free Market
c)
Mixed
d)
Command
12.
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
13.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
14.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
15.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
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