WorksheetsModern Economics
Total questions: 21
Worksheet time: 12mins
__________is the study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.
Economics
Consumer Science
Opportunity Costs
Sociology
_____ is the value of the thing someone gives up when choosing between 2 options.
Scarcity
Economic System
Opportunity Cost
Demand
_______ is the father of modern economics, wrote the Wealth of Nations, and believed in a concept known as the "Invisible Hand.
John Maynard Keynes
David Ricardo
Thomas Malthus
Adam Smith
Which of the following are the major economic systems used around the world?
Market Economy
Command Economy
Mixed Economy
All are correct
_______ and _______ are the 2 major branches of economics.
1) Psychoeconomics 2) Socioeconomics
1) Pseudoeconomics 2) Real economics
1) Microeconomics 2) Macroeconomics
1) Aggroeconomics 2) Compositeeconomics
________ is the condition in which there is insufficient supply to meet demand.
Opportunity Cost
Scarcity
Surplus
Circular Flow Model
___ is the method used by a nation to answer the basic economic questions.
Economic System
Economic Resources
Opportunity Cost
Scarcity
____ is the economic system in which all factors of production are privately owned.
Socialism
Free Enterprise
All are correct
Communism
The resources needed to produce things are known as___
Factors of scarcity
Factors of opportunity cost
Factors of production
Factors of Supply
The 4 factors of production are ____
technology, animals, livestock, agriculture
climate, money, pets, automobiles
All are correct
land, labor, capital, entrepreneurship
____ is the visual representation of the relationship between producers and consumers in a free market.
Production Possibilities Curve
Triangular Flow Model
X and Y axis
Circular Flow Model
____ is the visual representation of choice, scarcity and opportunity cost.
Promotion Principality Curve
Production Possibilities Curve
Circular Flow Model
Graphic Organizer
Which of the following is a benefit of the Free Enterprise System?
Investment opportunities
All are correct
Freedome for producers and consumers
Competitive pricing
___ is the economic system in which there is no private property and all factors of production are owned and controlled by the government.
Mixed
Socialism
Communism
Free Enterprise
___is the economic system in which there are some free market elements and some factors of production are owned by the collective.
Socialism
Communism
Free Enterprise
All are correct
A nation that uses Free Enterprise would have a ____economy.
Command
Mercantile
Market
All are correct
A communist nation would have a ___ economy.
All are correct
Market
Mixed
Command
____ is the founder of Austrian Economics and won the Nobel Prize in Economics.
John Maynard Keynes
Adam Smith
Thomas Sowell
Friedrich Hayek
How did John Maynard Keynes differ from Friedrich Hayek and Adam Smith?
He believed that the government should stay out of the economy.
He believed that Free Markets should fix themselves and that downward cycles are a natural byproduct of this.
He believed that government intervention was necessary in order to correct and prevent economic depressions.
All are correct
What do Adam Smith, Friedrich Hayek, Milton Friedman and Thomas Sowell have in common?
Free Markets and minimal government intervention are essential to economic health
Command Markets and significant government intervention are essential to economic health
They have nothing in common
All are correct
The Cold War was a battle between Capitalism and_
Market Economy
Free Enterprise
Communism
Anarchy
