WorksheetsEurope: Economics
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
12. Which of the following is NOT one of the basic questions that all economic systems must answer?
a)
What to produce?
b)
How to produce?
c)
How much to produce?
d)
For whom to produce?
2.
13. How are goods and services exchanged in a traditional economy?
a)
through prices and wages
b)
through government regulation
c)
through bartering
d)
through shortages and surpluses
3.
14. Most democratic nations (like United Kingdom, Germany, and Russia) have ________ ______ economies.
a)
traditional
b)
command
c)
market
d)
mixed market
e)
mixed command
4.
15. What is this diagram known as?
a)
Imports/Exports of a Country
b)
Literacy Rate Measurement
c)
Economic Continuum
5.
16. When countries engage in voluntary trade---each expects to be:
a)
unhappy
b)
bilingual
c)
better off after the trade
d)
to have an embargo
6.
17. A sixth grade student at FMS decided to open an ice cream station. The counter, scoop and freezer are examples of which "factor of production"?
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
7.
18. Which factor of production is missing from this list? HUMAN Resources, CAPITAL Resources, Entrepreneur, __________________.
a)
people
b)
tools
c)
politicians
d)
natural resources
8.
20. What do the economies of the United Kingdom, Germany, and Russia all have in common? They are all _____________ ____________ economies.
a)
mixed market
b)
traditional
c)
command
d)
market
e)
mixed command
9.
21. the total values of all the goods and all the services produced in a country in one year....
a)
Literacy Rate
b)
Currency Exchange
c)
Gross Domestic Product
10.
22. a government tax on imports
a)
Tariff
b)
Embargo
c)
Quota
d)
Literate
11.
23. Who comes up with the idea to start a business. He/she takes the risk, and puts all of the factors of production together to create the good or service.
a)
Human Resource
b)
Natural Resource
c)
Capital Resource
d)
Entrepreneur
12.
24. a government order stopping trade with another country
a)
Tariff
b)
Embargo
c)
Quota
d)
Literate
13.
25. Together, Jamie and Candice decide to produce a line of silver jewelry. Candice is a skilled artist. She draws several designs for rings and earrings. Jamie then takes the designs to his workshop. There, he uses his metalworking tools to shape the silver into jewelry. JAMIE AND CANDICE are which productive resource (factor of production)?
a)
capital goods (resources)
b)
human capital (resources)
c)
entrepreneurs
d)
natural resources
14.
26. a limit of the number of imports allowed into a country
a)
Tariff
b)
Embargo
c)
Quota
d)
Literate
15.
27. Coal and iron deposits found in the United Kingdom are sources of what type of Factor of Production?
a)
entrepreneur
b)
human resource (capital)
c)
natural resource
d)
capital resource (good)
16.
What 1992 treaty established the European Union?
a)
Treaty of Paris 1783
b)
The Maastricht Treaty
c)
The Treaty of Lisbon
d)
Fortnite Battle Pass
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