wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics Ch.1-2

Total questions: 40

Worksheet time: 25mins

Name
Class
Date
1.

A ____ economy is an economic system in which people, families, clans, or tribes produce and distribute goods according to customs.

a)

command

b)

market

c)

traditional

2.

A ____ economy is an economic system in which the government plans and makes all economic decisions.

a)

traditional

b)

market

c)

command

3.

A ____ economy is an economic system in which individual choice and voluntary exchange without government regulations direct economic decisions.

a)

traditional

b)

market

c)

command

4.

Adam Smith's The Wealth of Nations (1776) describes the benefits of a _____ economic system.

a)

command

b)

traditional

c)

market

5.

A centrally-planned economy is an example of a ____ economy.

a)

command

b)

market

c)

traditional

6.

Socialism and communism are examples of _____ economies.

a)

command

b)

market

c)

traditional

7.

The Communist Manifesto was written in 1848 by Friedrich Engels and ______.

a)

Vladimir Lenin

b)

Fidel Castro

c)

Joseph Stalin

d)

Karl Marx

8.

_____ is an economic system based on private ownership of factors of production.

a)

capitalism

b)

socialism

c)

communism

9.

Laissez-faire is a French term loosely meaning "leave things alone" that means the government should ______.

a)

not interfere in the economy at all

b)

regulate the economy when needed

c)

strictly regulate the economy

d)

be lazy at the fair

10.

Capitalism and market economies are characterized by the concept of _______, which means fair prices naturally set themselves due to multiple people/businesses producing the same product/service.

a)

profit

b)

competition

c)

exchange

11.

_______ is the concept in a market economy (capitalism) that a person will naturally concentrate their efforts in the economy on ways in which they have advantages or skills.

a)

Sovereignty

b)

Consumerism

c)

Specialization

d)

Voluntary Exchange

12.

This is called the _____.

a)

Production Possibilities Chart

b)

Circular Flow Model

c)

Free Market Table

d)

Capitalism Model Graph

13.

An advantage of the market economy is that it ______.

a)

provides more economic freedom and choice as well as profit as an incentive

b)

provides essential public goods such as healthcare and national defense

c)

spreads economic wealth relatively equally

14.

Most economies in the world today are a _______ economy.

a)

capitalist

b)

communist

c)

mixed

d)

free market

15.
These are necessary to survive
a)
Wants
b)
Needs
c)
Phones
d)
Scarcity
16.

The combination of vision, skills, and risk taking that is needed to create a business is called what?

a)

Capital

b)

Entrpreneurship

c)

Labor

d)

Land

17.
When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.
a)
trade offs
b)
scarcity
c)
opportunity cost
d)
incentive
18.
A maker of goods or services is called what?
a)
Producer
b)
Consumer
c)
Salesperson
d)
That guy
19.

What are the 4 Factors of Production?

a)

Land, capital, money, entrepreneurs

b)

Land, capital, labor, entrepreneurship

c)

Capital, money, supply, demand

d)

Labor, capital, supply, demand

20.
What does point X represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
21.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Production is greater than the country's maximum potential
d)
Production at the country's maximum potential
22.
What is a PPC?
a)
Possible Production Curve
b)
Production Possibilities Curve
c)
Probable Projection Curve
d)
Projected Possibilities Frontier
23.
The branch of economics that studies national and international economies.
a)
Scarcity
b)
Marginal
c)
Microeconomics
d)
Macroeconomics
24.
Society will never be able to satisfy all wants and ____.
a)
desires
b)
needs
c)
hungers
d)
money problems
25.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
26.
There are four types of economic systems.  Most economies are _____. 
a)
Traditional 
b)
Command 
c)
Market 
d)
Mixed
27.

What is the opportunity costs of going from Point D to Point B?

a)

11 public goods

b)

9 private goods

c)

18 public goods

d)

22 private goods

28.

What is the maximum amount of private goods that can be produced?

a)

18

b)

0

c)

7

d)

25

29.

What is the opportunity cost of going from Point B to Point F?

a)

7 Public Goods

b)

22 Private Goods

c)

18 Private Goods

d)

13 Public Goods

30.

These are unlimited and ever changing?

a)

Scarcity

b)

Factors of production

c)

Wants

d)

Needs

31.

What are the 3 fundamental questions of economics?

a)

What to produce?

b)

Where to produce?

c)

How to produce?

d)

For whom to produce?

32.

The opportunity costs to go from Point D to Point C is what?

a)

5 Public Goods

b)

5 Private Goods

c)

13 Private Goods

d)

13 Public Goods

33.

The study of how people use their limited resources to satisfy their unlimited wants is called:

a)

Financial Literacy

b)

Personal Finance

c)

Home Economics

d)

Economics

34.

The value of your next best alternative is called

a)

Economics

b)

Scarcity

c)

Opportunity Cost

d)

Incentive

35.

The knowledge and skills a worker gains through education and experience is known as:

a)

Labor

b)

Human Capital

c)

Allocative Efficiency

d)

Time

36.

What does it mean when a business is "on the line" of the Production Possibilities Curve (or Frontier)?

a)

it is inefficient

b)

impossible

c)

the company is losing money

d)

it is efficient

37.

An example of where a Command Economy (the government decides what goods and services are produced) still exists would be in:

a)

United States

b)

North Korea

c)

New Zealand

d)

Australia

38.

"to leave things alone" or "hands-off" is:

a)

Laissez-faire

b)

Nada

c)

The limit does not exist

d)

Authoritarian

39.

A situation in which goods or service are not available.

a)

Shortage

b)

Scarcity

c)

Economics

d)

Physical Capital

40.

Land, labor, and capital are examples of what?

a)

Factors of Production

b)

Capital

c)

Services

d)

Goods

Similar Resources on Wayground

Unit 5 Review

35 questions

Unit 5 Review

quiz

Worksheet

•

9th - 12th Grade

Unit One Quiz (Topics 1.1-1.6)

36 questions

Unit One Quiz (Topics 1.1-1.6)

quiz

Worksheet

•

9th - 12th Grade

15 AUG INDEPENDENCE DAY QUIZ VI

35 questions

15 AUG INDEPENDENCE DAY QUIZ VI

quiz

Worksheet

•

8th - 12th Grade

Early U.S. History Ch 2 Test Review

40 questions

Early U.S. History Ch 2 Test Review

quiz

Worksheet

•

8th - 12th Grade

Ulangan Harian Perubahan Sosial

35 questions

Ulangan Harian Perubahan Sosial

quiz

Worksheet

•

12th Grade

Southwest Asia Geography Review

38 questions

Southwest Asia Geography Review

quiz

Worksheet

•

9th - 12th Grade