WorksheetsEconomic Systems Review
Total questions: 20
Worksheet time: 10mins
What is a market economy?
A combination of two economic systems
An economy where the government makes all decisions
An economy where customs and traditions make all decisions
An economy where individuals make all decisions
What is a command economy?
An economy where individuals make all the decisions
An economy where customs and traditions make all decisions
A combination of two economic systems
An economy where the government makes all decisions
What is a traditional economy?
An economy where the government makes all decisions
An economy where customs and traditions make all decisions
An economy where individuals make all decisions
A combination of two economic systems
What is a mixed economy?
An economy where individuals makes all decisions
An economy where the government makes all decisions
A combination of two economic systems
An economy where customs and traditions make all decisions
The United States is an example of which economic system?
Market
Command
Mixed Market
Traditional
Currently, China is an example of which economic system?
Mixed Command
Command
Market
Mixed Market
The former USSR (Soviet Union) featured which economic system that was the archenemy of the USA during the Cold War?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
Economic freedom is best characterized by:
the ability to acquire any job you want
ensuring everyone gets the same things
producing more goods and services, increasing the economy
making as many goods and services with as little resources as possible
Economic efficiency is best characterized by:
the ability to acquire any job you want
ensuring everyone gets the same things
producing more goods/services and increasing the economy
making as many goods/services with as little resources as possible
Economic growth is best described by:
the ability to be anything you want to be
ensuring that everyone has the same in life
a country producing more goods/services and increasing their GDP
making as many g/s with as little resources as possible
Economic equity is...
the promise to always have a job and a paycheck
ensuring everyone gets the same things
relatively low prices that do not fluctuate
making as many goods/services with as little resources as possible
Economic security is...
making as many goods and services with as little resources as possible
ensuring everyone gets the same things
relatively low prices that do not fluctuate
the promise to always have a job and a paycheck
Economic stability is...
relatively low prices that do not fluctuate
ensuring everyone gets the same thing
the promise to always have a job and paycheck
making as many goods/services with as little cost as possible
What are the three economic goals that represent a market economy?
Security, Equity, and Freedom
Stability, Growth, and Efficiency
Growth, Security, and Equity
Freedom, Growth, Efficiency
Which three economic goals represent a command economy?
Efficiency, Equity, and Security
Security, Equity, Stability
Freedom, Efficiency, Growth
Growth, Security, Stability
Transitioning from one economy to another economy is easy
True
False
In most cases, command economies transition to a market economy rather than the other way around.
True
False
A term that represents a type of political and economic system where private individuals control the means of production in order to obtain profit
Capitalism
Communism
Mercantillism
Colonialism
A type of political and economic system where the Govt. controls the means of production and distribution to glorify the nation.
Capitalism
Communism
Colonialism
Mercantilism
The ability to become a successful entrepreneur is a key characteristic of which type of economic system? Choose the best answer.
Command
Mixed
Traditional
Market
