WorksheetsEconomy 1
Total questions: 11
Worksheet time: 4mins
What are the three basic questions that every economic system must answer?
What's produced?
How's it produced?
Who sells it?
Who consumes it?
Which economic system allows for the most individual freedom?
Mixed
Market
Command
Traditional
In which economic system does the government have the most control?
Traditional
Command
Mixed
Market
In which economic system do individuals do things based on customs & beliefs?
Command
Market
Mixed
Traditional
What is the economic system of most communist countries?
Command
Traditional
Market
Mixed
Most democratic countries have which type of economic system?
Mixed
Command
Traditional
Market
In a market economy, what most strongly affects the price and quality of goods and services?
tariffs
competition as well as supply and demand
trade barriers
government control
Which country is closest to pure command?
North Korea
United States
United Kingdom
Germany
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Analyses
Investments
What name is given to the value of the next best alternative that you give up when you make a decision?
Trade-offs
Opportunity cost
Lost opportunities
Options
