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Economy and the Government

Total questions: 52

Worksheet time: 42mins

Name
Class
Date
1.
what is a government
a)
a group of corporations that make laws
b)
a group of people who overthrow leaders
c)
a country that has no leaders
d)
a person or group of people that controls a country
2.
what two economies combine to form a mixed economy?
a)
command and market
b)
traditional and market
c)
command and traditional 
d)
market and mixed
3.

The government plans how to use resources to make goods and services.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

4.

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

5.

Both supply and demand and the government influence how resources are used to make goods and services.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

6.
Most countries in the world have a ___________________ economy.
a)
Traditional
b)
Command
c)
Mixed
d)
Market
7.
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
8.
What resource is this?
a)
natural resource
b)
human resource
c)
capital resource
9.
What is this resource?
a)
capital resource
b)
human resource
c)
natural resource
10.
What resource is this?
a)
capital resource
b)
natural resource
c)
human resource
11.
What resource is this?
a)
human and capital resource
b)
human resource
c)
capital resource
d)
natural resource
12.

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

a)

capital

b)

entrepreneur

c)

land

d)

labor

13.
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
14.

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

15.
Which provides the greatest incentive for entrepreneurs to take risks?
a)
prices
b)
inflation
c)
profits
d)
interest
16.

With which term is a command economic system MOST closely associated?

a)

Entrepreneurship

b)

Economic Freedom

c)

Perfect competition

d)

Governmental regulation

17.

Oil, natural gas, and coal

a)

human resources

b)

natural resources

c)

entrepreneurship

d)

capital resources

18.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

19.

Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.

a)

Traditional to mixed

b)

Command to traditional

c)

Market to mixed

d)

Command to mixed

20.

Which of the following best explains a mixed economy?

a)

Private ownership of the factors of production and regulation of businesses by government

b)

Market exchanges answer all three of the big economic questions

c)

Family customs and traditions determine what and how to produce a good

d)

Government answers all three of the big economic questions

21.

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

a)

Pride

b)

Wealth

c)

Profits

d)

Being an employer

22.
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?
23.
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
24.
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.
25.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
26.
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
27.
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
28.

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

29.

In my country, central planners decide when we should expand old factories and build new ones.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

30.

In my country, the government makes all the economic decisions.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

31.
In a command economy, who holds power over the economy?
a)
The people
b)
The government 
c)
Beyonce
d)
The traditions of your ancesetors 
32.
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
33.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism 
c)
Mixed 
d)
Command 
34.
_______ is another word for Market Economy. 
a)
Capitalism 
b)
Communism
35.

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.

36.

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.

37.

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.

38.

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

39.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
40.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
41.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
42.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
43.
A steel factory is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
44.

Bill Gates is an example of...

a)

Land (seriously though, come on)

b)

Labor

c)

An Entrepreneurs

d)

Capital

45.
Cashiers at McDonalds are examples of ….
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
46.
Each branch having its own power is an example of ____________
a)
Federalism
b)
Separation of Power 
c)
Checks and Balances 
d)
Republicanism 
47.

Canada's government is modeled after what country?

a)

Germany

b)

France

c)

Russia

d)

United Kingdom

48.

Who decides what is produced, how it is produced, and for whom it is produced in Mexico?

a)

The consumer drives the decision to answer these economic questions.

b)

The governments decides how to answer these economic questions.

c)

No one how to answer these economic questions.

49.
citizens vote directly for all laws in a representative democracy
a)
true
b)
false
50.

How many people rule in a government of Oligarchy?

a)

A small group

b)

A king or queen

c)

A large group

51.

Who rules in Autocracy?

a)

A large group

b)

A small group

c)

One person

52.

What are the two types of Autocracy?

a)

Dictatorship and Democracy

b)

Dictatorship and Monarchy

c)

Democracy and Monarchy

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