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Economic Systems Review

Total questions: 45

Worksheet time: 37mins

Name
Class
Date
1.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
2.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
3.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
4.
Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.
a)
Traditional
b)
Free Market
c)
Mixed
d)
Command
5.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
6.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
7.
Who or what answers the basic economic questions in a traditional economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
8.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
9.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
a)
What goods and services will be produced?
b)
What is the price of the goods? 
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
10.
Of the three major economic questions, which of the following is the best example of a "What?" question? 
a)
Should automobiles be produced using workers or robots? 
b)
Should higher-income or lower-income people buy SUVs?
c)
Should we make faster microprocessors or pest-resistant corn? 
d)
Should migrant workers or domestic workers be used to pick grapes?
11.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 
a)
what
b)
how
c)
for whom
d)
where
12.
When the federal government decides to pay senators more than it pays soldiers, it answers the ____ question.
a)
why
b)
how
c)
for whom
d)
what
13.
In my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.
a)
Freedom
b)
Efficiency
c)
Growth
d)
Security
14.
My mom had to have surgery.  Luckily she won’t have to pay the medical bills since she went to the government-run hospital.  They even gave her the prescriptions at no cost.
a)
equity
b)
security
c)
freedom
d)
efficiency
15.

I’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same about of money as me. It makes me so mad.

a)

efficiency

b)

equity

c)

growth

d)

freedom

16.
I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older.  I’ve wanted to be one since I was a little kid.
a)
security
b)
equity
c)
stability
d)
freedom
17.
A command economy is when the government is in control.
a)
True
b)
False
18.

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

19.

What type of economy do most countries in the world have?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

20.

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

21.

The government has little to no role in the production of goods in this type of economy.

a)

Traditional

b)

Mixed

c)

Command

d)

Market

22.

Businesses have freedom to produce whatever they think consumers will buy

a)

Market

b)

Command

c)

Mixed

d)

Traditional

23.
Each society must determine how to best use its_______
a)
People
b)
Land
c)
Natural Resources
d)
All of the above
24.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
25.
The term, "land" means:
a)
The natural resources used to produce goods or services.
b)
Work the people do to produce goods and services.
c)
Goods not created for their own use, but to make other goods/services.
d)
Person who organizes the factors of production to produce goods/services; business owners.
26.
Which activity is an example of investing in physical capital by a company?
a)
constructing a new factory
b)
throwing away old delivery trucks
c)
giving workers more time off to rest
d)
training workers to do their jobs better
27.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
28.

Select all that apply. What are the three basic economic questions?

a)

What should be produced?

b)

How should it be produced?

c)

Why should it be produced?

d)

Who gets to consume it?

29.

role of government in mixed economy

a)

regulate the market

b)

own the market

c)

reject the market

30.

Economic equity is the ________ with which an economy distributes its resources and wealth.

a)

traditions

b)

fairness

c)

unfairness

d)

all of these

31.

Communism can be best summed up as an economic system where

a)

all resources are controlled by the elite and used to maintain their control of the people.

b)

the elimination of private property is established.

c)

the rich support the poor

d)

the harder you work, the more benefits you receive.

32.

True Communism, or Communism as it was described by Karl Marx, was only ever seen in

a)

China

b)

The Soviet Union

c)

Vietnam

d)

it has never been seen in any country

33.

Socialism is the economic system where

a)

individuals own all resources and use them for the good of the society.

b)

the government regulates private property so that some social justice can be achieved.

c)

resources are shared between the individuals and the government so critical goods and services like health care, police protection, education, and food can be equally distributed.

d)

society meets and votes on how resources will used.

34.

In a Free Market or Capitalist economy, producers are most concerned with

a)

doing what is best for their fellow citizens

b)

using resources so taht they will last throughout time

c)

doing what is best for them individually

d)

insuring that all workers are safe and well paid

35.

In a Free Market or Capitalist economy, consumers buy products beacuse

a)

it supports the economic system

b)

to impress their fellow citizens

c)

to improve the nations world image

d)

because it is what they want and at a price they agree with

36.

Capitalism relies on

a)

government direction

b)

self-interest

c)

needs of society

d)

love

37.

The closest thing to a planned/command economy today exists in:

a)

Soviet Union

b)

Czechoslovakia

c)

North Korea

d)

South Korea

38.

Which of the following is NOT one of the 3 key economic questions:

a)

Who consumes it?

b)

How do we produce it?

c)

Is a hot dog a sandwich?

d)

What do we produce?

39.

This guy literally wrote the book on communism

a)

Karl Marx

b)

Adam Smith

c)

Nick Covington

d)

John Calvin

40.

This guy is called the father of economics and he literally wrote the book on capitalism

a)

Karl Marx

b)

Tom Brady

c)

Kanye West

d)

Adam Smith

41.

This diagram is called a:

a)

Production Possibilities Curve

b)

Supply and Demand Curve

c)

Circular Flow Model

d)

Circular Motion Equation

42.

This circular flow model would be for a __________ economy

a)

Traditional

b)

Planned/Command

c)

Free Market

d)

Mixed Economy

43.

This circular flow model would be for a __________ economy

a)

Traditional

b)

Planned/Command

c)

Free Market

d)

Mixed Economy

44.

a tool that economists use to understand how market economies operate.

a)

circular flow model

b)

product market

c)

factor market

d)

specialization

45.

the principle that the government should not interfere in the marketplace.

a)

laissez faire

b)

capitalism

c)

market

d)

Anno Domini

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