WorksheetsUnit 4 - Economics RETEST
Total questions: 20
Worksheet time: 40mins
What is a benefit (good thing) of the free enterprise system in the United States?
Fewer choices of products available, so consumers are unhappy.
Ownership of private property is allowed.
The government regulates the production of goods and there are many shortages.
A government committee decides the distribution of goods so not everyone gets to buy things.
Which economic system is found in both the United States and Canada?
Market
Command
Trade
Socialist
Which characteristic is most associated with developed economies (high HDI)?
low literacy rates
high amounts of air pollution
low life expectancy
high per capita GDP (per capita income)
Use the graph to answer the question.
Based on the graph, which nation most likely has the highest gross domestic product (GDP) per capita?
Guinea
Zambia
Cambodia
Australia
Which term or terms best completes the analogy, below?
Private ownership of goods and services : capitalism :: Government ownership of goods and services : ??
READ THIS AS - "Private ownership of goods and services IS TO captialism AS government ownership of goods and services IS TO __??___"
Free enterprise
Communism
North and South Korea
Natural Resources
A nation with a high per capita GDP most likely has...
A large rural population working as farmers.
A highly developed economy (tertiary plus+).
A small number of manufacturing or service businesses.
Very few financial institutions (like banks).
-Literacy
-Life Expectancy
-Gross Domestic Product per Capita
What is the BEST title for the list above?
Types of Governments
Roles of citizens in a democracy
Indicators of Economic Development (HDI)
Problems of a Command Economy
Which of the following statements MOST accurately uses the term "entrepreneur"?
An entrepreneur lends money to investors.
An entrepreneur takes on the risks of starting a new business.
An entrepreneur determines the demand for his/her product.
An entrepreneur creates sales tax rates.
Which of these occupations would you most likely find in a traditional economic system?
Airline pilot
Banker
Farmer
Scientist
What effect would a shortage (not enough) of entrepreneurs likely have on the United States?
More jobs would be created
Fewer businesses would be started
Sales taxes would be eliminated (removed)
Literacy rates would go up
Which sector of economic activity involves harvesting resources and raw materials from nature?
Primary Sector
Secondary Level
Tertiary Level
Quaternary Level
In which type of economic activity does about 80% of the U.S. labor force work?
Agriculture
Secondary level jobs
Service jobs
High-tech research
In an economy, there are unlimited wants and needs, but limited resources. This causes societies to make choices about how to use their resources. What do we call the idea of limited resources but unlimited needs?
Capitalism
Scarcity
Production
Manufacturing
Three of these terms are used to describe the same kind of economic system. Which term does not describe a system of private property ownership, competition, and supply and demand affecting prices for consumers?
Market economy
Capitalism
Free Enterprise
Command Economy
What do we call the activity of raising food crops and livestock?
Agriculture
Manufacturing
Supply and Demand
Labor
Which of these jobs would be in the secondary economic sector?
Cattle ranching
NASA astronaut
Automobile factory worker
Hair stylist
What level of economic activity would a hair stylist be in?
Primary Sector
Secondary Sector
Tertiary (Service) Sector
What term describes roads, electrical grids, water & sewage systems, communication networks, etc. that are necessary to help a business succeed?
Scarcity
Entrepreneurship
Infrastructure
Land/Resources
Which factor of production describes the workers and the skills or training they have in order to do certain jobs?
Capital
Labor
Manufacturing
Infrastructure
Which word is most associated with the SECONDARY level of economic activity?
Agriculture
Manufacturing
Scarcity
Free Enterprise
