WorksheetsEconomics Test: Major Assessment
Total questions: 20
Worksheet time: 58mins
Name
Class
Date
1.
The study of the ways individuals and societies decide how to use their limited resources in order to better satisfy their unlimited wants is known as _________.
a)
government
b)
per capita Gross Domestic Product
c)
spillovers
d)
economics
2.
The United States mostly has a ____________.
a)
traditional economy
b)
market economy
c)
command economy
d)
developing economy
3.
As countries become more industrialized, the technology used to produce goods can lead to both positive and negative ____________________________.
a)
industrialization
b)
spillover effects
c)
globalization
d)
urbanization
4.
Process that uses large scale manufacturing and technology is known as ____________________.
a)
developed country
b)
industrialization
c)
market economy
d)
urbanization
5.
The value of all goods and services produced by a country in a single year is known as _______.
a)
Gross Domestic Product (GDP)
b)
command economy
c)
developed
d)
developing
e)
globalization
6.
A system in which the central government makes all economic decisions is known as a ______.
a)
command economy
b)
developed
c)
developing
d)
globalization
e)
Gross Domestic Product (GDP)
7.
A system that is based on free trade, competition, supply and demand, and private ownership is known as a ______.
a)
market economy
b)
command economy
c)
developed
d)
developing
e)
globalization
8.
The process by which countries are increasingly linked to each other through culture and trade is known as _________.
a)
globalization
b)
command economy
c)
developed
d)
developing
e)
Gross Domestic Product (GDP)
9.
In a ___________, trade may take place through barter.
a)
traditional economy
b)
command economy
c)
developed
d)
developing
e)
globalization
10.
__________ countries have strong economies and a high quality of life.
a)
developed
b)
command economy
c)
developing
d)
globalization
e)
Gross Domestic Product (GDP)
11.
__________ countries have less productive economies and a lower quality of life.
a)
developing
b)
command economy
c)
developed
d)
globalization
e)
Gross Domestic Product (GDP)
12.
Mrs. Getchell, Mr. Akers, Ms. Hollenbaugh, and Mrs. Navarro are hungry. Mrs. Getchell and Ms. Hollenbaugh order food from their favorite restaurants to be delivered to the school through DoorDash. Ms.Navarro brought a Hot Pocket in her lunch box. Mr. Akers drives to the Circle K gas station to buy his favorite snacks and a Polar Pop.
a)
Command economy
b)
Market economy
c)
Traditional economy
13.
Mrs. Getchell, Mr. Akers, Mrs. Navarro, and Ms. Hollenbaugh are hungry. Mrs. Getchell, Mrs. Navarro, and Mr. Akers brought in vegetables from each of their gardens, such as tomatoes and cucumbers. They want to trade their vegetables for Ms. Hollenbaugh's potato soup, which she made with potatoes from her own garden.
a)
Command economy
b)
Market economy
c)
Traditional economy
14.
Mrs. Getchell, Mr. Akers, Mrs. Navarro, and Ms. Hollenbaugh are hungry. The government has decided that ALL teachers must eat the school lunch from the cafeteria and must pay $5 for their food.
a)
Command economy
b)
Market economy
c)
Traditional economy
15.
You live on a small island. The population of this island is 10 people. The overall GDP (gross domestic product) of this island is $1,000. What is the per capita GDP of your island?
a)
$100
b)
$1,000
c)
$10
d)
$350
e)
$10,000
16.
A drought has impacted the pumpkin harvest and now there will not be enough pumpkins to meet the demand for things like jack-o-lanterns, fall decor, and pumpkin pie. What will happen to the price of pumpkins?
a)
Supply is low and demand is high, so the price will go up.
b)
Supply is high and demand is high, so the price will stay the same.
c)
Supply is high and demand is low, so the price will go up.
d)
Supply is high and demand is low, so the price will go down.
e)
Supply is low and demand is high, so the price will go down.
17.
Pakistan has a per capita GDP of $1194 and a 59% literacy rate. The healthcare system has gradually improved over time. Pakistan began gradually industrializing in the mid-twentieth century and 65% of its exports are textiles (clothing). Is Pakistan a developed or developing country?
a)
Developed Country
b)
Developing Country
18.
Belgium has a per capita GDP of almost $45,000, a 99% literacy rate, and residents have access to healthcare such as doctors, hospital care, dental care, etc. through federal and local government programs. Belgium was the first country in continental Europe to experience the Industrial Revolution. Is Belgium a developed or developing country?
a)
Developed Country
b)
Developing Country
19.
South Korea has a per capita GDP of almost $31,500 and a 97.9% literacy rate. South Korea has a universal healthcare system (all citizens are assured healthcare). Since the 1960s, South Korea has quickly industrialized and is one of the leading exporters of electronics and automobiles. Is South Korea a developed or developing country?
a)
Developed Country
b)
Developing Country
20.
Rwanda has a per capita GDP of $798 and a 73.2% literacy rate. Rwanda has recently focused on making healthcare available to those in extreme poverty. Since the early 2000s, Rwanda has quickly industrialized, but exports are few. Is Rwanda a developed or developing country?
a)
Developed Country
b)
Developing Country
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