WorksheetsEconomy Quiz 1 Review
Total questions: 38
Worksheet time: 2hrs 54mins
Making the decision to go to soccer practice, which sacrifices time to do your homework is an example of:
Scarcity
Marginal Benefit
Tradeoff
Market
Fill in the blank: We have ______ wants and needs but what we can get is ______.
Unlimited; unlimted
Limited; unlimited
Unlimited; limited
Limited; limited
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
In economic terminology land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
A bulldozer is an example of...
Land
Labor
Entrepreneurs
Capital
Forests are examples of...
Land
Labor
Entrepreneurs
Capital
Baristas are examples of...
Land
Labor
Entrepreneurs
Capital
Apple trees are examples of...
Land
Labor
Entrepreneurs
Capital
Waiters/waitresses are examples of...
Land
Labor
Entrepreneurs
Capital
Brick pizza ovens are examples of...
Land
Labor
Entrepreneurs
Capital
Which type of statement is this?
"Wearing seat belts gives you less risk of being injured."
normative
positive
Which type of statement is this?
"The rich make too much money"
positive
normative
Which type of statement is this?
"The Pittsburgh Steelers and New England Patriots have won 6 Super Bowls each."
positive
normative
Which type of statement is this?
Minimum Wage should be $50/hour.
normative
positive
In my country, business is based on competition. Success comes from doing something better and cheaper than your competitors.
Traditional
Command
Market
Mixed
In my country my job is the same one that my family has done over the past 200 years.
Traditional
Command
Market
Mixed
In my country, central planners decide when we should expand old factories and build new ones.
Traditional
Command
Market
Mixed
In my country, I know that all my needs will be met, but not my wants.
Traditional
Command
Market
Mixed
In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
Traditional
Command
Market
Mixed
In my country, the government has some involvement in the economy.
Traditional
Command
Market
Mixed
In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.
Traditional
Command
Market
Mixed
In my country producers decide what and how much to make based on what people want to buy.
Traidtional
Command
Market
Mixed
In my country, consumers don't have a lot of choice in what they can buy.
Traditional
Command
Market
Mixed
In my country, consumers are very powerful in economic decision-making.
Traiditional
Command
Market
Mixed
,In my country, the government tells me where to work.
Traditional
Command
Market
Mixed
The United States is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
China is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
New Zealand is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
Cuba is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
Japan is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
Russia is an example of a country that has a _____ economy
Traditional
Command
Market
Mixed
All of the following are questions to answer to determine what type of economy a country has, EXCEPT:
What?
How Much?
Where?
For Whom?
All are differences between a command economy and a market economy, EXCEPT:
Command - Total government control;
Market - Economic freedom
Command - no competition;
Market - total competition
Command - equal distribution;
Market - nothing is equal
Command - society with social classes;
Market - society without social classes
In a communist society...
the government controls the means of production
the individual owns the means of production
wealth is distributed evenly amongst society
there is no wealth or private property
