WorksheetsUnit 1: Quiz 3 - Economics
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
The government decides what will be made and who will get it.
a)
Command
b)
Market
c)
Traditonal
2.
Children often do the same jobs as their families. Barter is commonly used instead of money.
a)
Command
b)
Market
c)
Traditonal
3.
Individuals made decisions about what is made, sold, and bought.
a)
Command
b)
Market
c)
Traditonal
4.
Why is technology an important resource?
a)
Technology can make it easier and cheaper to create goods.
b)
Technology can make it easier to find the right government policies.
c)
Technology can make prices higher.
5.
What happens when people barter?
a)
Goods and services are limited during conflict.
b)
Goods and services are traded for other goods and services.
c)
Goods are shipped out of a country and sold somewhere else.
6.
money and goods used to help people make or do things
a)
scarcity
b)
demand
c)
capital
7.
the amount of a good or service that a producer wants to sell
a)
scarcity
b)
supply
c)
demand
8.
the lack of a resource
a)
scarcity
b)
capital
c)
entrepreneurship
9.
running a business and taking on the risks of that business
a)
scarcity
b)
supply
c)
entrepreneurship
10.
the amount of something that a consumer wants to buy
a)
scarcity
b)
demand
c)
entrepreneurship
11.
Match the economic systems to its characteristics or meaning.
a)
Command economy
1.
Centrally owned by the government
b)
Mixed economy
2.
Public and private sectors
c)
Traditional economy
3.
Customs, family, and historical basis
d)
Free Market
4.
Private sector, profit, and minimal gov.
100 %
