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WorksheetsWS 2: Economic Systems
Total questions: 16
Worksheet time: 32mins
Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?
Market economy
Command economy
Traditional economy
Mixed economy
Which of the following is an economic system in which economic decisions are made according to tradition & culture?
Market economy
Command economy
Traditional economy
Mixed economy
What is an economic system where only the government makes the economic decisions?
traditional economy
free enterprise
mixed economy
command economy
What type of economy do most countries in the world have?
Market economy
Command economy
Traditional economy
Mixed economy
The government has little to no role in the production of goods in this type of economy.
Traditional
Mixed
Command
Market
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
Traditional
Command
Market
Mixed
Businesses have freedom to produce whatever they think consumers will buy
Market
Command
Mixed
Traditional
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
What to produce, why to produce, when to produce?
What is your opportunity cost, what economic resources are needed, why should these resources be used?
What is produced, how is it produced, and for whom is it produced?
What is your opportunity cost, why are economic resources needed, when should these resources be used?
Native Americans used to barter for goods. They did not use currency. Economic decisions were based on customs. What economic system would an indigenous group like the Native Americans most likely have?
market economy
free enterprise economy
traditional economy
command economy
Which country is closest to pure command?
North Korea
United States
United Kingdom
Germany
