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Topic 6 Quiz "Economics"

Total questions: 15

Worksheet time: 10mins

Name
Class
Date
1.

Which type of economy has private ownership and these owners compete for what they produce or sell.

a)

Traditional

b)

Command

c)

Market

2.

A limited resource to satisfy unlimited needs best defines which vocabulary word.

a)

Natural Resources

b)

Scarcity

c)

Export

d)

Import

3.

Farming that only provides the basic needs of a family.

a)

Subsistence

b)

Standard of Living

c)

Commercial

4.

In the United States, we have a ​ (a)   economy.

Choose from the below words
mixed
traditional
command
free market
barter
5.

Please select 2 Nonrenewable Resources below.

a)

b)

c)

d)

6.

Please select 2 Renewable Resources from below.

a)

b)

c)

d)

7.

Obtaining goods or services from an outside supplier is the definition of what vocabulary word listed below?

a)

Free Trade

b)

Export

c)

Outsourcing

8.

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

9.

The level at which a person, a group, or a country lives as measured by the extent to which it meets its needs.

a)

Traditional Economy

b)

Gross National Product

c)

Standard of Living

10.

The idea that a country works to create a condition where all natural resources are available to meet the needs of society.

a)

sustainability

b)

subsistence

c)

outsourcing

11.

Which of the following countries export more than they import?

a)

United States

b)

United Kingdom

c)

China

d)

Germany

12.

Which of the following countries must import more than they export?

a)

United States

b)

United Kingdom

c)

China

d)

Germany

13.

Bringing a product into one country from another is called exporting.

a)

True

b)

False

14.

If a country's main source of income is in Agriculture, then it typically has this type of economy.

a)

Market

b)

Command

c)

Traditional

d)

Mixed

15.

Total dollar value of all of the goods and services provided by a country in a single year is called?

a)

Sustainability

b)

Gross Domestic Product(GDP)

c)

Imports

d)

Central Business District.