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WorksheetsECONOMICS
Total questions: 15
Worksheet time: 13mins
Which economic system allows for the most individual freedom?
Mixed
Market
Command
Traditional
What is meant by the term 'government'?
A group of people that has the power to run a country
A group of people who run a country or state
What definition is correct for consumers?
A person or organisation that directly uses a good or service
Someone who might use a good or service
A person or group that is interested in using a good or service
Large firms can afford to advertise and sell in larger quantities to develop brand loyalty. This is an example of
Purchasing economies of scale
Technical economies of scale
Managerial economies of scale
Marketing economies of scale
Risk bearing economies of scale
Larger firms are better able to diversify into a range of product areas or markets and thus lessen their risk. This is an example of
Financial economies of scale
Technical economies of scale
Managerial economies of scale
Marketing economies of scale
Risk bearing economies of scale
Internal economies of scale are those that
Result from changes in production techniques
Increase due to the growth of the industry as a whole
Generate lower per unit production costs
Reduce production costs in the short run
Fill in the blank. Economies of scale is when as output _________, unit costs ________ in the long run.
increases; decrease
increases; increase
decreases; increase
decreases; decrease
Money, products, and supplies used in the production of goods and services are called
Capital Resources
Natural Resources
Human Resources
Something from nature that people can use. It is NOT created by humans. What type of resource is this?
Capital
Natural
Human
Mixture
In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?
Mixed
Command
Traditional
Market
In a market economy, goods and services were privately owned businesses.
True
False
The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his Dad had been. What kind of economic system does this describe?
Market
Command
Traditional
Mixed
Which type of economic system does the United States have?
Market
Commend
Mixed
Traditional
