WorksheetsEconomics Ch 2 Test Review
Total questions: 20
Worksheet time: 14mins
What are the 3 types of economies? (click all that apply)
Command
Efficiency
Traditional
Market
Match the Economic Goals people in the US share:
Economic FREEDOM
Your choice of job, how you spend your $
Economic EFFICIENCY
best use of scarce resources
Economic EQUITY
equal pay for equal work
Economic SECURITY
protection from economic disasters
Match the Economic Goals people in the US share:
Full Employment
as many jobs as possible
Price Stability
Prices won't go up over night
Economic GROWTH
You will be better off tomorrow
What does Laissez Faire mean?
Active, hands on
Hands off, let it be
Group work
Minimum wage is...
lowest legal amount allowed to be paid per hour
highest legal amount allowed to be paid per hour
the lowest amount of hours you can work per week
Profit means...
How much you provide people help in their jobs
how much you make before taxes
a financial gain (how much persons or organizations make)
Social Security is a federal program to aid the...
Unemployed
Illegal Immigrants
Disabled and Retired
The most important goal to someone on a fixed income would be...
Price Stability
(does not increase, even though prices go up)
Full employment
(working 40+ hours/week)
Future Goals
(what you want to do in the future)
A rise in the general level of prices is called:
Deflation
Inflation
Expansion
What are three basic needs of any society?
Food
Clothing
Technology
Shelter
Americans use goods and services from _________ geographic areas
All
Few
Most
The struggle among sellers to attract consumers while lowering prices is called...
Competition
Inflation
Fixed income
Which statement best describes Consumer Sovereignty?
Buyer beware
The Customer is always right
No good deed goes unpunished
The Amish Society near us in Mineral Point is an example of a __________ economy:
Command
Market
Traditional
Bill Gates founded what company?
Subway
Mary Kay Cosmetics
Microsoft
What part of the government is responsible for defense in the US?
National
Local
State
In a market economy who has a voice in the way the economy runs?
Workers
Entrepreneurs
Everyone
Who is considered the father of communism?
Karl Marx
Winston Churchill
Adolph Hitler
In a traditional economy everyone...
Works for the government
Does what their parents did for a living
Can do whatever they want
Match the following people:
Tony Hawk
best skateboarder in the world at age 16
Bill Gates
founded Microsoft
Karl Marx
father of communism
Mary Kay Ash
Founded cosmetic (makeup) company
Arthur Blank
co-founder of the Home Depot
