WorksheetsEconomic Review
Total questions: 20
Worksheet time: 13mins
Which of the following do economic systems organize for societies? (Check all that apply)
Production of goods and services
Distribution of goods and services
Consumption of goods and services
Destruction of goods and services
Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?
Traditional
Command
Market
Mixed
Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?
Traditional
Command
Market
Mixed
Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?
Traditional
Command
Market
Mixed
Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?
Traditional
Command
Market
Mixed
What is the key factor in determining the type of economy that a country has?
level of government involvement.
amount of resources a government has available.
amount of private ownership.
Which term is best defined as “the inability to satisfy all wants at the same time?”
Supply and Demand
Price
Scarcity
Which indicator: total value of all final goods and services produced within a country's borders within a given period of time.
Gross Domestic Product (GDP)
Unemployment
Consumer Price Index/Inflation
Fiscal and Monetary Policy
a good GDP growth rate usually indicates all of the following EXCEPT
higher literacy rates and education achievements
higher life expectancy and better health
higher crime and poverty rates
higher standard of living
Which of the following would NOT be counted in the US's GDP?
A used car your grandfather sold you
You buy a new pair of shoes online
A business buys tires to resell
A city government's spending on a new park
What is the best measure of a nation's standard of living?
real GDP per capita
population growth
savings
national income
A general increase in prices is called
inflation
purchasing power
the CPI
a price index
People who underemployed
no longer look for work
work part time or at jobs that are below their skills
are the same as unemployed workers
experience only frictional employment
Inflation reduced people's purchasing power because
the same amount of money buys ore goods and services
the same amount of money buys fewer goods and services
the market basket has to be changed every year
there is not enough money in the economy
Is this counted in the GDP of the US?
The federal government purchases a new submarine for the US Navy.
Yes
No
Which of the following best defines unemployment?
The state of being able to work and actively seeking work, but unable to find employment
The state of being able to work, but choosing not to
The percentage of the labour force that is able and actively seeking work, but cannot find employment
The total number of people who do not work
Which of these people is officially unemployed
A secretary who took 6 months off for maternity leave
An aspiring actress who waits tables but would rather act
Maid who got fired and will start a new job in 2 weeks
A student who only works 4 hours a week in the library
