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Characteristics of Economic Systems

Total questions: 25

Worksheet time: 50mins

Name
Class
Date
1.
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
2.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

3.

Based on individual choice and voluntary trade

a)

Market

b)

Command

c)

Traditional

d)

Communism

4.

Encourages competition between businesses

a)

Command

b)

Market

c)

Traditional

d)

Communism

5.

Customs have been passed down through generations

a)

Command

b)

Market

c)

Traditional

d)

Native Americas

6.

Bartering (Trading) for goods replaces the need for currency (money)

a)

Command

b)

Market

c)

Traditional

d)

Currency

7.

Businesses are privately owned by the people

a)

Command

b)

Market

c)

Traditional

d)

Autocratic

8.

Social roles and customs determine how goods are made, sold, and bought

a)

Command

b)

Market

c)

Traditional

d)

Democracy

9.

Type of economy in communist countries

a)

Command

b)

Market

c)

Traditional

d)

Democracy

10.

Examples: Cuba, North Korea, and the former Soviet Union

a)

Command

b)

Market

c)

Traditional

d)

Democracy

11.

Children often do the same job as their parents

a)

Command

b)

Market

c)

Traditional

d)

Natives

12.

Consumers determine what will or will not be sold based on supply and demand

a)

Democracy

b)

Command

c)

Market

d)

Traditional

13.

Examples: The Amish Community, villages in Africa & South America

a)

Command

b)

Capitalism

c)

Traditional

d)

Market

14.

No incentives for workers or equal pay

a)

Command

b)

Market

c)

Autocratic

d)

Traditional

15.

Limited government role

a)

Traditional

b)

Command

c)

Supply and Demand

d)

Market

16.

All economies are either command or market. None are mixed.

a)

True

b)

False

17.

There are no pure market economies.

a)

False

b)

True

18.

A system where people can own their own business of their choice is called _____________.

a)

Command Economy

b)

Traditional Economy

c)

Free Enterprise/Market Economy

19.
My name is Heraldo Esterez. I have lived in Cuba all of my life. I wanted to become a teacher. However, I work for a large sugar producer that is owned by the government. The government decides when I work, where I work, and how much money I receive. What economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
20.
My name is Curt Jones and I have always had a passion for delicious ice cream. I discovered a way to freeze ice cream into small dots. I patented the process for making ice cream and built a plant to make enough ice cream to sell it internationally. Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
21.
I am a basket maker in India.  The people in my village make beautiful baskets.  My grandmother and my mother made baskets.  What type of economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
22.
My name is Derek Jones.  I am an engineer.  My father and grandfather are engineers also.  Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
23.
  My name is Morgan Taylor.  I went shopping for a new pair of jeans.  I refused to buy the jeans because they were too expensive.  Which economic system am I describing?
a)
Traditional Economy
b)
Free Market Economy
c)
Command Economy
d)
Mixed Economy
24.

The market sets price using which economic principle?

a)

Scarcity

b)

Supply & Demand

c)

Opportunity Cost

d)

Per capita GDP

25.

In this type of economic system, the government regulates the amount, distribution and price of everything produced.

a)

Command

b)

Market

c)

Mixed

d)

None of these

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