WorksheetsUS Gov Ch15 Section 3 Economic Systems
Total questions: 17
Worksheet time: 17mins
Name
Class
Date
1.
What are factors of production?
a)
factors that determine what type of political system a nation should have
b)
economic resources that are controlled by the government
c)
information used by manufacturers to determine worker pay
d)
basic resources that make up an economy
2.
In a traditional economy, how are the three basic economic questions answered?
a)
custom
b)
government decree
c)
elections
d)
market demand
3.
Between what two economic models does socialism fall?
a)
command and communism
b)
traditional and market<br />
c)
market and command
d)
traditional and command
4.
In which economy do individuals and businesses make most economic decisions?
a)
market
b)
command
c)
traditional
d)
socialist
5.
Which of the following best describes an economy that combines elements of traditional, market, and command economic systems?
a)
communism
b)
socialist
c)
mixed
d)
capitalist
6.
Who is the founder of capitalist theory?
a)
Alexander Hamilton
b)
Adam Smith
c)
Thomas Jefferson
d)
Friedrich Engels
7.
How does capitalism promote efficiency?
a)
through government regulation
b)
by adhering to custom
c)
through competition
d)
through government ownership of property<br />
8.
Why do some people oppose free trade?
a)
They argue that less developed nations should not receive financial assistance from wealthy nations.
b)
They dislike tariffs.
c)
They believe that it benefits wealthy nations at the expense of less developed nations.
d)
They think that free trade undermines the goals of the World Trade Organization.
9.
Who is the founder of modern socialism?
a)
Adam Smith
b)
Karl Marx
c)
Vladimir Lenin<br />
d)
Alexander Hamilton
10.
Who is the proletariat?
a)
elite of any given society
b)
middle class
c)
ruling class
d)
working class
11.
Which of the following systems developed from the ideas of Karl Marx
a)
dictatorship
b)
capitalism
c)
democracy
d)
communism
12.
Beginning in the late 1970s, China’s government moved the nation’s economy away from
a)
communism.
b)
capitalism.
c)
control by individuals and businesses.
d)
control by corporations.
13.
An entrepreneur is someone who decides how to
a)
control a nation’s economy.
b)
effectively use the factors of production.
c)
call for more government regulation.
d)
rely on traditional means of allocating resources.
14.
The three main types of mixed economies are capitalism, communism, and democrac
a)
true
b)
false
15.
Adam Smith was the founder of capitalist theory.
a)
true
b)
false
16.
Capitalism promotes efficiency through the effects of competition
a)
true
b)
false
17.
Karl Marx was convinced that the bourgeoisie would rise up and overthrow the capitalist system
a)
true
b)
false
100 %
