WorksheetsMini-Society Test
Total questions: 21
Worksheet time: 12mins
Name
Class
Date
1.
What type of economy is controlled almost entirely by the government?
a)
Market economy
b)
mixed economy
c)
command economy
2.
What type of economy is there when the market determines which goods and services are produced?
a)
market economy
b)
command economy
c)
controlled economy
3.
These are items brought into a country.
a)
exports
b)
imports
c)
profits
4.
These are items that are sent to another country.
a)
exports
b)
imports
c)
profits
5.
This is the situation that results when there isn't enough of a product.
a)
surplus
b)
scarcity
c)
free enterprise
6.
This is the situation that results from too much product and not enough demand.
a)
surplus
b)
scarcity
c)
free enterprise
7.
This term describes the revenue that is left over after expenses are paid.
a)
scarcity
b)
profit
c)
opportunity cost
8.
These are natural resources that can't be replaced in a reasonable amount of time.
a)
renewable resources
b)
non-renewable resources
9.
These are natural resources that can be replaced in a reasonable amount of time.
a)
renewable resources
b)
non-renewable resources
10.
_____________ is the amount of product or service available.
a)
profit
b)
supply
c)
demand
11.
_____________________ are the factors of production.
a)
land, labor, capital and entrepreneurship
b)
labor, capital, money and entrepreneurship
c)
money, land, products, and entrepreneurship
12.
_______________ is the amount of a product or service that people want and are willing to buy.
a)
profit
b)
supply
c)
demand
13.
What would result in higher prices?
a)
low supply, high demand
b)
high supply, low demand
c)
low supply, low demand
14.
All 32 kids in class want to color with markers, but there are only 10 markers. This is an example of ______________.
a)
opportunity cost
b)
scarcity
c)
interdependence
15.
The money people earn for their work is ____________.
a)
deposit
b)
income
c)
endorse
16.
Freedom to own, operate, and profit from one's business is the basis for a _____________________ economic system.
a)
government
b)
command
c)
market
17.
____________ is the name of the economic system in America where people can buy what they can afford, start their own business and sell their products for whatever price they can get.
a)
socialism
b)
capitalism or free enterprise
c)
communism
18.
Which question is NOT one of the three basic economic questions that every society needs to answer?
a)
What goods and services with be produced?
b)
Who will consume the goods and services?
c)
How will the goods and services by produced?
d)
How much will the goods and services cost?
19.
In the United States, we have a (a) economy.
Choose from the below words
mixed
traditional
command
free market
barter
20.
Match the following types of economies
a)
free market
1.
The US during the industrial revolution
b)
command
2.
North Korea
c)
traditional
3.
a tribal group in Africa
d)
mixed
4.
The US Economy
21.
This person is probably living in an area with a (a) economy.
100 %
