WorksheetsEconomics 5-1 Quiz
Total questions: 12
Worksheet time: 6mins
What is economics the study of?
The study of how a society manages all of its resources to produce and distribute goods and services.
The study of money and financial transactions exclusively.
The study of traditional systems and their historical impact.
The study of government control over production and resources.
What is an economic system?
An organized way that a state, nation, or country manages all their production, buying, and selling.
A method for tracking the stock market.
A system for monitoring cash flow exclusively.
A set of rules for international trade.
Which economic system is based on tradition?
Market
Command
Mixed
Traditional
What characterizes a command economic system?
It is based on tradition and what has been done for a long time.
It operates with a capitalistic mindset within a mixed economic system.
A large part of the economy is controlled by a central power, often the government.
It is determined by supply and demand and characterized by competition within the market.
How does a market economic system operate?
By combining aspects of other economic systems.
Through government control and regulation of all production and trade.
By tradition and the passing down of jobs and resources.
Through supply and demand with competition within the market.
What is a mixed economic system?
A system that combines aspects of the traditional and command systems.
A system that is purely based on market principles without any government intervention.
One that combines certain aspects of the other three systems.
A system where the government controls all aspects of the economy.
Which country operates with a capitalistic mindset within a mixed economic system?
China
Russia
The United States
North Korea
What determines the price of goods and services in a market economy?
The level of government regulation
The amount of taxes collected by the government
How much people are willing to pay
The number of businesses in the market
What happens to prices when the supply of something increases and the demand remains the same?
Prices will go up
Prices will go down
Prices will not change
Prices will fluctuate unpredictably
What is the relationship between supply and demand in a market economy?
Supply and demand are unrelated
Demand drives supply, and supply drives prices
Supply drives demand, and demand drives prices
Demand drives supply, and supply determines the amount of resources available
What role does competition play in a market economy?
It decreases the overall cost per item for companies
It increases government involvement in regulating prices
It has no significant impact on supply and demand
It is a major force driving supply and demand
How does a market economy regulate itself?
Through high levels of government involvement
By companies selling products at the highest price possible
By consumers wanting to buy things at the lowest price possible
By the number of programs and services the government provides
