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WS 2: Economic Systems

Total questions: 16

Worksheet time: 32mins

Name
Class
Date
1.
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.
2.

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

3.

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

4.

What is an economic system where only the government makes the economic decisions?

a)

traditional economy

b)

free enterprise

c)

mixed economy

d)

command economy

5.

What type of economy do most countries in the world have?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

6.

The government has little to no role in the production of goods in this type of economy.

a)

Traditional

b)

Mixed

c)

Command

d)

Market

7.

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

8.

Businesses have freedom to produce whatever they think consumers will buy

a)

Market

b)

Command

c)

Mixed

d)

Traditional

9.

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

a)

Mixed

b)

Market

c)

Traditional

d)

Command

10.

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

a)

What to produce, why to produce, when to produce?

b)

What is your opportunity cost, what economic resources are needed, why should these resources be used?

c)

What is produced, how is it produced, and for whom is it produced?

d)

What is your opportunity cost, why are economic resources needed, when should these resources be used?

11.

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?

a)

market economy

b)

free enterprise economy

c)

traditional economy

d)

command economy

12.

Which country is closest to pure command?

a)

North Korea

b)

United States

c)

United Kingdom

d)

Germany

13.
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
14.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
a)
What goods and services will be produced?
b)
What is the price of the goods? 
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
15.
Of the three major economic questions, which of the following is the best example of a "What?" question? 
a)
Should automobiles be produced using workers or robots? 
b)
Should higher-income or lower-income people buy SUVs?
c)
Should we make faster microprocessors or pest-resistant corn? 
d)
Should migrant workers or domestic workers be used to pick grapes?
16.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 
a)
what
b)
how
c)
for whom
d)
where