NEW
Font size
WorksheetsEcon Unit 1
Total questions: 40
Worksheet time: 20mins
Which of the following types of economy has the least strict regulations?
Market
Command
Mixed
Traditional
What are materials needed for labor to work?
Capital
Land
Labor
Entrepreneurs
What shows the cost of producing 1 good instead of another?
Production Possibility Curves
Factors of Production
Functions of Money
Scarcity
A liquid asset is one where the asset is easily ________.
converted to the medium of exchange
transported to a bank
exchanged because of the intrinsic value of commodity money.
circulated throughout the economy in a given year.
Marcella puts money into a savings account. What function of money does this illustrate?
store of value
medium of exchange
standard of value
means of payment
Which of the following economic systems is Communism?
Command
Market
Traditional
Mixed
Voluntary exchange is associated with what term?
Economic Freedom
Monetary Policy
Economic Systems
Federal Reserve
Supply and Demand is associated with what term?
Free Market
Monopoly
Economic Regulation
Circular Flow Model
What type of economic system is Capitalism?
Market
Command
Traditional
Mixed
Which of the following types of economy combines aspects of multiple different types?
Mixed
Traditional
Command
Market
Which of the following types of economy has the least specialized labor?
Traditional
Market
Command
Mixed
Which of the following types of economy has the most strict regulations?
Command
Market
Mixed
Traditional
What would resources like oil and crops be considered?
Land
Labor
Capital
Entrepreneur
An entrepreneur is what?
A business owner
The person who does the work to produce
Materials needed to work
Natural resources
A teacher is a example of:
Labor
Land
Capital
Entrepreneur
The Federal Reserve is led by who?
A chairman
A governor
A president
A secretary
The Federal Reserve's main job is to:
increase or decrease the money supply through monetary policy
regulate the nation's legislative branch through judicial means
make policy about immigration
act as a foreign diplomat during times of war
In the United States, the agency responsible for regulating the system of fiat money is the:
Federal Reserve
Department of Treasury
Bureau of Labor Statistics
Internal Revenue Service
What gives fiat money its value?
The government
Gold reserves
The amount of silver it contains
Its ability to be exchanged for foreign currency
Paper money that has no intrinsic value is referred to as:
fiat money
commodity money
curved money
federal money
Fiat money is best described as:
paper money issued by the government
gold coins used in trade
cryptocurrency like Bitcoin
barter items such as livestock
All of the following are examples of commodity money except?
Fiat Money
Gold Coins
Silk
Cigarettes
All of the following are non-liquid except which?
cash
land
machinery
buildings
Which of the following would exemplify an asset with the most liquidity?
A checking account that has unlimited access to funds.
A savings account that allows 6 withdrawals per month.
A certificate of deposit with a 5-year term.
The sale of a house that requires a year of effort to sell.
You receive money as payment for working at a grocery store. This best illustrates which function of money?
medium of exchange
unit of account
store of value
Fiat Money
Money holds the ability to transfer purchasing power from the present to the future as a ________.
store of value
medium of exchange
unit of account
Liquid Asset
Money allows us to compare the value/cost of goods, services, or assets, which serves as a:
standard of value
medium of exchange
store of labor
unit of production
When money acts as an item that buyers give to sellers when they purchase goods or services is a:
medium of exchange
standard of value
store of value
commodity
Which of the following is not a function of money?
barter or commerce
medium of exchange
store of value
unit of account
Milin puts money into a piggy bank so she can spend it later. What function of money does this illustrate?
store of value
medium of exchange
unit of account
factors of production
Who invented Capitalism?
Karl Marx
Adam Smith
Nicholas Hughes
George Washington
Which type of economy is mainly based on agriculture?
Mixed
Market
Traditional
Command
Which of these terms is not associated with capitalism?
Strict Regulations
Invisible Hand
Competition
Consumer Sovereignty
This shows the tradeoff of making a choice?
Scarcity
Systems of Economies
Factors of Production
Opportunity Cost
What are the factors of production?
Land
Labor
Capital
All of these
In a market economy, who sets the value of a item?
The government
The producers
The consumers
None of these
The majority of countries in the world have which system?
Mixed
Command
Traditional
Market
What is the oldest form of economy?
Market
Traditional
Mixed
Command
Which of the following is a financial asset?
Credit Card debt
A dog
Student Loans
A house
What are the three questions a economy must answer?
What to produce
How to produce
Who to produce for
All of these
