WorksheetsECONOMICS QUIZ - Economies
Total questions: 20
Worksheet time: 10mins
The type of government that has total control over the people and the police use power by force is called what?
Anarchy
Monarchy
Limited
Authoritarian
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
Who invented communism?
Plato
Karl Marx
Paul Samuelson
Adam Smith
Capitalism is in what type of economy?
Traditional
Command
Market
Authortarian
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
When customers and business owners exchange products and money, because it will help them both in some way.
voluntary exchange
volunteering to help someone for free
opportunity cost
reading quizzes
The amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
A economist who introduced the steady increase of the supply of money within growing economies.
David Ricardo
John Maynard Keynes
Milton Friedman
Beatrice Webb
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
Privatization refers to ....
Transfer of assets from people to government
Transfer of assets from public to private organizations
Transfer of assets from corporate to public
Transfer of assets from corporate to government
Buyers choose what items are produced based on their spending habits
Consumer Sovereignty
Factors of Production
Efficiency
Cost / Benefit Analysis
