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economic review

Total questions: 80

Worksheet time: 46mins

Name
Class
Date
1.

Which type of economic system bases its decisions on custom?

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

d)

Traditional Economy

2.

Which type of economy has central ownership and lack of individual choice?

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

d)

Traditional Economy

3.

Which type of economy is controlled by the government?

a)

Command

b)

Market

c)

Mixed

d)

Democratic

4.

Which type of economy is run by the businesses & business owners?

a)

Command

b)

Mixed

c)

Communist

d)

Market

5.

Government owns resources and controls production, prices, and wages.

a)

traditional

b)

command

c)

market

d)

mixed

6.

Individuals own most resources and determine what and how to produce.

a)

traditional

b)

command

c)

market

d)

mixed

7.

What type of economy does the United States have?

a)

Traditional

b)

Command (Communist)

c)

Market (Free Enterprise)

d)

Mixed (Socialist)

8.

What is subsistence farming?

a)

Farming for sub-sandwiches

b)

When farmers grow food crops to meet the needs of themselves and their families

9.
____________is the process of making goods in a workshop or factory.
a)
Creating
b)
Manufacturing
c)
Building
10.

Bartering and trading are mainly used in this economy:

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

11.

Which type of economy is the most common?

a)

Mixed

b)

Free Market

c)

Command

d)

Traditional

12.

Another term for Socialism is:

a)

capitalism

b)

profit

c)

Mixed Economy

d)

command economy

13.

How many countries are in the world today?

a)

88

b)

174

c)

123

d)

195

14.
Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.
a)
Traditional
b)
Free Market
c)
Mixed
d)
Command
15.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
16.

The way a country organizes how it will produce goods to meet the needs of its people

a)

Economic System

b)

Human Rights

c)

Government

d)

Statistics

17.

Many, but not all, businesses are owned & controlled by the government

Individuals can own businesses, but the government controls most social services

a)

Mixed

b)

Command

c)

Market

d)

Communist

18.
_______ is another word for Market Economy. 
a)
Capitalism 
b)
Communism
19.

Buyers and sellers make the decisions.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

20.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
21.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
22.
The driving force behind people going into business is
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
23.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
24.

businesses, property, and resources belong to individual

citizens instead of the government

a)

private ownership

b)

public works

c)

private club

d)

public transportation

25.

Liberal politician Bernie Sanders favors universal health care and free college for all. This means that he would like an economy in the United States that is

a)

capitalist

b)

communist

c)

socialist

d)

traditional

26.

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

a)

Traditional

b)

Command

c)

Market

d)

Mixed

27.

To trade goods

a)

Taxes

b)

Barter

c)

Service

d)

Producer

28.
_______ means to BRING goods from one country to another country for sale.
a)
export
b)
sale
c)
import
d)
ship
29.
_______means to SEND goods to another country for sale. 
a)
economy
b)
export
c)
import
d)
buy
30.
This economic system America uses today.
a)
Socialism
b)
Communism
c)
Capitalism
31.

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

32.

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

33.

Which of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

34.

Which one of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

35.

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

36.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
37.

Assembly line worker

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneuership

38.

A Pizza Oven is an example of...

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

d)

Entrepreneurship

39.
The sale of goods in small amounts or on a small scale. Examples are HEB, Walmart, Academy, or Target.
a)
Retail
b)
Wholesale
c)
Manufacturing
d)
Agriculture
40.

which sector of the economy removes or harvest products directly from the earth in order to extract raw materials or food?

a)

secondary

b)

primary

c)

tertiary

d)

linear

41.

agriculture would be an example of

a)

secondary sector

b)

tertiary sector

c)

primary sector

42.
a)
Primary Sector
b)
Tertiary Sector
c)
Secondary Sector
d)
Quaternary Sector
43.

This image represents which economic sector?

a)

Primary Sector

b)

Quinary Sector

c)

Secondary Sector

d)

Tertiary Sector

44.
Fishing, Mining, Farming, and Forestry are examples of what economic activity?
a)
Primary
b)
Secondary
c)
Teritiary
d)
Quaternary 
45.
Which economic activity would intellectual occupations which are advanced and specialized such as thinking, research and developing new ideas fall under?
a)
Primary
b)
Secondary
c)
Tertiary
d)
Quaternary
46.

Making soaps, carpets, sugar, etc is an example of _________ industry

a)

primary / extractive

b)

secondary / manufacturing

c)

tertiary

47.

the state of being in short supply

a)

quantity

b)

subsistence

c)

scarcity

d)

quota

48.

The percentage of a country's population over the age of 15 that can read or write

a)

reading number

b)

literacy rate

c)

standard of living

d)

entrepreneurship

49.

A person who comes up with a product or service, or a better way to produce one.

a)

entrepreneur

b)

human capital

c)

capital good

d)

natural resource

50.

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.

51.

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.

52.

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.

53.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
54.
Which factor is the best indicator of the wealth of a nation?
a)
Prime Interest rate
b)
Gross Domestic Product (GDP)
c)
Number of millionaires
d)
Defense spending 
55.

Which of the following is the average age a person lives to in a place?

a)

GNI per capita

b)

adult literacy rate

c)

life expectancy

d)

LEDC

56.

What is the infant mortality rate?

a)

babies under 1 year old who die per 1000

b)

children under 5 years old who die per 100

c)

babies under 1 year old who die per 100

d)

children under 5 years old who die per 1000

57.
What is literacy?
a)
the ability to read and write
b)
the ability to read
c)
the ability to hear
d)
the ability to write
58.
What is life expectancy?
a)
It measures how well off people in the country are. 
b)
The percentage of adults who can read and write
c)
the average number of years a person in a country is expected to live
d)
none of these
59.

The study of the way people live, their food, language, clothing, customs, art, etc. is...

a)

Culture

b)

History

c)

Economics

d)

Geography

60.
This measures the average number of years a person is expected to live...
a)
Infant Mortality Rate
b)
Fertility Rate
c)
GDP
d)
Life Expectancy 
61.

Which of these is a defintion of the tertiary sector?

a)

Making or building things

b)

Science, technology and inovation

c)

People taking things from the land/sea (raw materials)

d)

Providing a service

62.

Government owns most of the assets and provides all the services:

a)

Public Sector

b)

Private Sector

63.

GDP stands for

a)

Grand Developed Prices

b)

Gross Developed Product

c)

Gross Domestic Product

d)

Grand Domestic Prices

64.
Which country produced the most goods and services ( Highest GDP)?
a)
India 
b)
Pakistan 
c)
Burma 
d)
Vietnam 
65.
This measures the average number of years a person is expected to live...
a)
Infant Mortality Rate
b)
Fertility Rate
c)
GDP
d)
Life Expectancy 
66.
a)

a

b)

b

c)

c

d)

d

67.

Countries with low level of literacy are in which level of economic development?

a)

More Developed

b)

Newly Industrialized

c)

Less Developed

68.

Countries with high levels of literacy and higher education are in which level of economic development?

a)

More Developed

b)

Newly Industrialized

c)

Less Developed

69.
Developed or developing?
a)
Developed
b)
Developing
70.

Low Infant Mortality Rate

a)

Developed

b)

Developing

71.

High Infant Mortality Rate

a)

Developed

b)

Developing

72.

High Literacy Rate

a)

Developed

b)

Developing

73.

Low Literacy Rate

a)

Developed

b)

Developing

74.

Roads, airports, hopitals and schools are examples of ______________________.

a)

literacy rates

b)

GDP

c)

infrastructure

75.
Arable land is:
a)
Bad
b)
Good for growing crops
c)
Polluted
d)
None of the above
76.
This type of government typically goes with the Command Economy.  
a)
Democracy
b)
Dictatorship
c)
Autocracy
d)
Communism
77.

Cattle ranching and farming are examples of which industry?

a)

Manufacturing

b)

Service

c)

Retail

d)

Agricultural

78.

What is a tariff?

a)

a refusal to buy goods from another country

b)

a limit on the number of imports

c)

a tax on imports

d)

a refusal to sell to another country

79.

__________ is an example of a planned/command economy.

a)

Capitalism

b)

Traditional

c)

Uniited States of America

d)

Communism

80.

Lisa started a small business selling t-shirts. She used her home as the place to start the business. She purchased the shirts from a company in Haiti. After selling a large amount of t-shirts, Lisa hired her cousins to help package and ship the t-shirts to customers.


In this scenario, Lisa would be an example of a(n) ________________.

a)

Entrepreneur

b)

Natural Resource

c)

Human Capital

d)

Physical Capital

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