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Worksheets2024-2025 Intro to Business Economic Systems Quiz
Total questions: 12
Worksheet time: 19mins
Name
Class
Date
1.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
2.
Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
3.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
4.
What is an economic system where only the government makes the economic decisions?
a)
traditional economy
b)
free enterprise
c)
mixed economy
d)
command economy
5.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
6.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
Market
c)
Command
d)
Centrally Planned
7.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
8.
Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?
a)
Market
b)
Socilaism
c)
Mixed
d)
Command
9.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancesetors
10.
If I choose to be a fisherman for my town because my father was a fishermen, and my grandfather was a fisherman what economic system is this?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
11.
________ is the most basic or fundamental economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
12.
Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.
a)
Traditional to mixed
b)
Command to traditional
c)
Market to mixed
d)
Command to mixed
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