wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics

Total questions: 54

Worksheet time: 53mins

Name
Class
Date
1.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
2.

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

a)

Market

b)

Mixed

c)

Command

d)

Traditional

3.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
4.

Capitalism is in what type of economy?

a)

Traditional

b)

Command

c)

Market

d)

Authortarian

5.
Which of the following are markets involved in the circular flow model?
a)
Factor Market and Resource Market
b)
Labor Market and Product Market
c)
Factor Market and Product Market
d)
Resource Market and Labor Market
6.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
7.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

8.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

9.
If the supply of a good is higher than the demand, what happens to the price?
a)
It stays the same
b)
Price goes down
c)
Price goes up
d)
It's FREE!!
10.
An increase in competition would have what effect on price?
a)
Price goes up
b)
Price stays the same
c)
Price goes down
d)
It explodes
11.
If there is no competition in your market, how would that impact your business?
a)
You could charge more for your product
b)
You would make more
c)
You would hire more employees
d)
You would charge less for your product
12.
How will scarcity of a capital good impact price?
a)
Price would go up
b)
Price would go down
c)
Price would stay the same
d)
You wouldn't sell any
13.

A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?

a)

inflation

b)

recession

14.
The central bank in the USA that regulates the monetary system
a)
The Fed
b)
FDIC
15.

The percentage of a deposit that a bank must hold on to is called the ______.

a)

Reserve Requirement

b)

Credit

16.
How many Federal Reserve Districts are in the U.S?
a)
9
b)
12
17.

The Federal Reserve Bank’s activities are controlled by

a)

the President

b)

Board of Governors

c)

Congress

d)

the citizens

18.

The Fed does not

a)

print money

b)

regulate banks

c)

serve as a lender of last resort

d)

control the money supply

19.

It is the measure of a country's total production of final goods and services in a given period of time.

a)

Gross National Product

b)

Gross Domestic Product

c)

Exports

d)

Imports

20.

What do you call an economic policy that is designed to influence the aggregate demand in order to control the economy?

a)

Spending policy

b)

National policy

c)

Fiscal policy

d)

Monetary policy

21.

It shows the cycle of goods and services in an economy.

a)

Circular flow of goods

b)

Circular flow of money

c)

Circular flow of the economy

d)

Circular flow of resources

22.

This happens when there is an increase in the production of goods and services.

a)

Economic Development

b)

Economic Progress

c)

Economic Growth

d)

Economic efficiency

23.

It is the measure of national output that adjusts GNP to account for price changes.

a)

nominal GNP

b)

potential GNP

c)

real GNP

d)

actual GNP

24.

Is this counted in the GDP of the US?

Cars made by a Japanese company in California.

a)

Yes

b)

No

25.

Is this counted in the GDP of the US?

Cars made by a US company in South Korea.

a)

Yes

b)

No

26.

Is this counted in the GDP of the US?

The materials (lumber, cement, bricks) used to build a house.

a)

Yes

b)

No

27.

Is this counted in the GDP of the US?

A new home that was recently built.

a)

Yes

b)

No

28.
What type of GDP is calculated with the current year's prices?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
29.
What does Inflation do to the value of money?
a)
Makes it go up.
b)
Makes it go down.
c)
Makes it stay the same.
30.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
31.
Which of the following are responsible for making fiscal policy decision? 
a)
The President and Congress
b)
The Federal Reserve System
c)
The National Council of Economic Advisors
d)
The commerce Department
32.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
33.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
34.
An example of expansionary fiscal policy would be
a)
cutting taxes.
b)
cutting government spending.
c)
cutting production of consumer goods.
d)
cutting prices of consumer goods.
35.
If and economy experiences a dramatic rise in prices, which fiscal policy action could be taken?
a)
Selling securities on the open market
b)
Raising interest rates
c)
Reducing government spending
d)
Raising reserve requirements
36.
The Federal government is concerned that economic growth is too high, that it is unsustainable, and that inflation is resulting. Which of the following fiscal policies  might be enacted to reduce inflation?
a)
Increasing taxation
b)
Open market sales
c)
decreasing taxation
d)
Increasing government spending
37.
Which of these is NOT a monetary policy tool?
a)
Discount rate
b)
Balance Accounts
c)
Open Market Operation
d)
Reserved Requirements
38.

If the Fed wants to reduce the amount of loans a bank can make, then it should adjust...

a)

Open Market Operations

b)

The Reserve Ratio

c)

The Discount Rate

39.

An expansionary policy means that the Fed is attempting to

a)

increase the size of the nation's money supply

b)

decrease the size of the nation's money supply

40.

"In February, lawmakers set themselves up to reach a more permanent spending agreement by the end of March. Congress agreed to increases to domestic and defense spending over the next two years, raising funding for domestic programs by $128 billion and hiking defense budgets by $160 billion. But they didn’t actually decide where the money would go."

a)

Fiscal policy

b)

Monetary policy

41.

_______________ is when you don't have enought of the thing you want

a)

trade

b)

barter

c)

scarcity

d)

specialization

42.

When a country sends or sells its goods to another country it ___________ them.

a)

imports

b)

exports

c)

donates

43.

Bringing in goods or services from another is country

a)

exports

b)

imports

c)

donates

44.

The United States sells airplane parts to the country of Kenya. This is an example of an ______________

a)

import

b)

export

c)

donation

45.

The United States buys coffee beans from Brazil. This is an

______________.

a)

export

b)

import

46.

Making one kind of good or providing one kind of service is called __________________

a)

silliness

b)

specialization

c)

interdependence

47.

Being dependent on other countries to provide the things that the country doesn't produce itself is called

a)

specialization

b)

import

c)

interdependence

d)

export

48.
Free trade means 
a)
the countries use the same currency
b)
No trade barriers
c)
there is a quota on some goods
d)
trade is quick and easy
49.
What is the purpose of NAFTA?
a)
To increase trade between all countries
b)
To help Canada become a more independent nation
c)
To eliminate the environmental issues between the nations involved
50.
Which of the following is NOT negative impact of NAFTA?
a)
loss of higher- wage US jobs
b)
Mexico does not have strict environment regulations 
c)
American factories moving to Mexico where there are fewer regulations
d)
lowers wages in the US
51.
What type of jobs were affected by NAFTA in the US, and were lost in massive numbers?
a)
Manufacturing 
b)
Service 
c)
Tech
d)
Jobs that required a college degree
52.

What is the name of the new NAFTA deal?

a)

NAFTA 2

b)

USMCA

c)

Donald Trump Trade Deal

d)

USACAM

53.

As a result of NAFTA, many US manufacturers moved to Mexico where employees were cheaper and environmental standards were lower.

a)

True

b)

False

54.

The USMCA bans duties on eBooks, music videos and software.

a)

True

b)

False

Similar Resources on Wayground

Continents and Oceans Practice

52 questions

Continents and Oceans Practice

quiz

Worksheet

•

6th Grade - University

Unit Two Review

59 questions

Unit Two Review

quiz

Worksheet

•

11th - 12th Grade

WH Unit 12 Test: World War II (1930-1945)

59 questions

WH Unit 12 Test: World War II (1930-1945)

quiz

Worksheet

•

9th - 12th Grade

US PPKN

50 questions

US PPKN

quiz

Worksheet

•

12th Grade

Semester 1 vocab

52 questions

Semester 1 vocab

quiz

Worksheet

•

9th - 12th Grade

Civics Questions set 1

50 questions

Civics Questions set 1

quiz

Worksheet

•

12th Grade

UCSP Mid-term Review

56 questions

UCSP Mid-term Review

quiz

Worksheet

•

11th Grade

Social Structure and Social Interaction

53 questions

Social Structure and Social Interaction

quiz

Worksheet

•

10th - 12th Grade