NEW
Font size
WorksheetsLevel 1 - B
Total questions: 15
Worksheet time: 8mins
Which of the Broad Economic Social Goals is most closely associated with a Command economic system?
Economic Growth
Economic Freedom
Economic Security
All of these are correct
Which of the Broad Economic Social Goals is most closely associated with a Free Enterprise (Market) economic system?
Economic Freedom
Economic Security
Economic Equity
All of the above
Karl Marx believed that the surplus value of a good that is produced should go to whom?
The Government
The Worker
The Business Owner
The Consumer
Adam Smith's theory that resources will automatically be pushed to their most productive use because of humans pursuit of self-interest is called...
Labor Theory of Value
Pursuit of Happiness
Invisible Hand Theory
Wealth of Nations Theory
Which of the following is NOT one of the three basic economic questions?
Where to produce?
What to produce?
How to produce?
For whom to produce?
Which Broad Economic Social Goal can be argued as being a priority for either a Command or a Market economic system?
Economic Growth
Economic Security
Economic Freedom
Economic Equity
Economic Efficiency
Which of the following is NOT one of the characteristics of a Socialist (Command) economic system?
Resources are owned by individuals in the economy
Resources are owned by the government
Decisions about how to use resources is made by central planners
Emphasis is placed on economic security and equity
Which of the following characteristics is NOT one that would apply to a Market (Free Enterprise) economy?
Individuals have freedom to start or run a business
Decisions about how to use resources is made by the government
Individuals own and control the factors of production
Emphasis is placed on economic growth
A public policy that increased the minimum wage for workers would most closely align with which type of economic system?
Free Enterprise
Socialist
Market
Traditional
Capitalism
A policy that enables high school students to go to a high school outside of their attendance boundary would most closely align with which economic system?
Socialist
Market
Traditional
Centrally Planned
In a Command economic system, the incentive for workers is...
To meet a production goal given by the government
To meet a high quality standard
To make a profit for the government
To make a profit for the individual business
A country most closely associated with a Socialist economic system today would be...
Japan
Brazil
United States
China
A country most closely associated with a Capitalist economic system would be...
North Korea
Russia
Germany
Vietnam
Governments produce public goods like roads and national defense because...
Private companies would not be able to exclude those who did not pay for the good
Private companies would charge too much
Private companies don't know how to create these goods
Most of the time, these goods are not needed
Because of globalization, the world is really moving toward...
Many individual economies
One large economy
Less connection between countries
none of these are correct
