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WorksheetsEconomics System
Total questions: 29
Worksheet time: 20mins
Name
Class
Date
1.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
2.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
3.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
4.
Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government.
a)
Traditional
b)
Free Market
c)
Mixed
d)
Command
5.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
6.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
7.
Who or what answers the basic economic questions in a traditional economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
8.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
9.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods and services will be produced?
b)
What is the price of the goods?
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
10.
Of the three major economic questions, which of the following is the best example of a "What?" question?
a)
Should automobiles be produced using workers or robots?
b)
Should higher-income or lower-income people buy SUVs?
c)
Should we make faster microprocessors or pest-resistant corn?
d)
Should migrant workers or domestic workers be used to pick grapes?
11.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question.
a)
what
b)
how
c)
for whom
d)
where
12.
When the federal government decides to pay senators more than it pays soldiers, it answers the ____ question.
a)
why
b)
how
c)
for whom
d)
what
13.
In my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.
a)
Freedom
b)
Efficiency
c)
Growth
d)
Security
14.
My mom had to have surgery. Luckily she won’t have to pay the medical bills since she went to the government-run hospital. They even gave her the prescriptions at no cost.
a)
equity
b)
security
c)
freedom
d)
efficiency
15.
I’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same about of money as me. It makes me so mad.
a)
efficiency
b)
equity
c)
growth
d)
freedom
16.
I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older. I’ve wanted to be one since I was a little kid.
a)
security
b)
equity
c)
stability
d)
freedom
17.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
18.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
19.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
a)
Traditional
b)
Market
c)
Command
d)
Centrally planned
20.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
Market
c)
Command
d)
Centrally Planned
21.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
d)
What to produce? How to produce? When to produce?
22.
________ is the most basic or fundamental economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
23.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
24.
Country X can manufacture a particular product better and at a lower cost than country Y can.
What conclusion can be drawn from this situation?
What conclusion can be drawn from this situation?
a)
Country X has solved the problem of scarcity.
b)
Country X should discontinue making that product.
c)
Country Y should try to produce the same product.
d)
Country X should sell that product to Country Y.
25.
Read the following two statements:
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?
a)
Laws of Supply and Demand
b)
Scarcity
c)
The Factors of Production
d)
Specialization
26.
A graphic organizer is shown:
Which would be the best title for this graphic organizer?
Which would be the best title for this graphic organizer?
a)
Positive and Negative Effects of a Command Economy
b)
The Average Cost of Producing Goods and Services
c)
The Benefits of Specialization and Trade
d)
Improving the Skills of a Country's Workforce
27.
Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions?
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions?
a)
Imbalance of Power
b)
Scarcity
c)
Excessive Wealth
d)
Opportunity Cost
28.
What effect does competition have on producers in a market economy?
a)
Producers share their resources equally.
b)
Producers look to the government to divide resources.
c)
Producers improve the quality of their goods to increase sales.
d)
Producers raise prices since they expect to sell fewer items.
29.
The Minister of Economics has created a plan for our national economy. It emphasizes the production of iron, steel, and hydroelectric power. In manufacturing, tanks and tractors will receive top priority. Consumer goods are regarded as less essential. Citizens are expected to sacrifice personal comfort for their country.
In what kind of economy does this Minister of Economics live in?
In what kind of economy does this Minister of Economics live in?
a)
This is an example of a COMMAND ECONOMY because the government is deciding what to produce, how to produce it, and who gets to have it.
b)
This is an example of a MARKET ECONOMY because the producers and consumers are deciding what to produce, how to produce it, and who gets to have it.
c)
This is an example of a TRADITIONAL ECONOMY because the family is deciding what to produce, how to produce it, and who gets to have it.
d)
This is an example of a MIXED ECONOMY because both the government and the people are deciding what to produce, how to produce it, and who gets to have it.
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