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Integrated Social Studies Unit 2 Exam, Part 1
Test Description: Economics Part 1
Instructions: Answer all questions to get your test result.
1) Identify the revolutional economic book written by Adam Smith.
A
The Wealth of Men
B
The Communist Manifesto
C
The Wealth of Nations
D
Freakonomics
2) Which of the following is the correct definition of economics?
A
study of how people spend money
B
studies the growth and development of capitalism
C
study of how the government uses money
D
study of how people, individuals and in groups, choose to use their limited resources to satisfy their unlimited wants.
3) Which of the following focuses on economic decision making by individuals, households, and businesses?
A
Sizonomics
B
Microeconomics
C
Economics
D
Macroeconomics
4) Which of the following is an example of opportunity cost of the following situation- Choosing to study for your economics test instead of watching American Horror Story.
A
You are more prepared for your test
B
You miss what happened on the show and will have to watch it later.
C
You feel more confident for your test.
D
You will get a better grade in the class.
5) Opportunity cost is the ______________ of what you are giving up.
A
opportunity
B
cost
C
advantages
D
disadvantages
6) All of the following are economic systems, EXCEPT:
A
Communism
B
Market
C
Command
D
Traditional
7) Having too much of an item or resource is known as:
A
shortage
B
laissez-faire
C
consumer
D
surplus
8) A traditional economy focuses on family and traditions. Therefore traditional economies are not as common but found where?
A
in cities
B
in tribes
C
in indigenous communities
D
in America
9) A negative aspect of a traditional economy is:
A
Roles are clearly defined
B
Little competition
C
System is well understood
D
Does not allow for growth and development
10) An economy where a government controls and makes all economic decisions is a:
A
Command economy
B
Mixed economy
C
Traditional economy
D
Market economy
11) In the film Hunger Games, what type of economy exists in Panem?
A
Market
B
Command
C
Traditional
D
Mixed
12) In a market economy, who makes the economic decisions?
A
moguls
B
government
C
individuals
D
businesses
13) A mixed economy contains traits of what two types of economies?
A
Traditional and Mixed
B
Market and Traditional
C
Command and Market
D
Traditional and Command
14) An example of a country with mixed economy is:
A
North Korea
B
India
C
Brazil
D
United States
15) Karl Marx is known as the father of what type of economy?
A
Command
B
Capitalism
C
Marxism
D
Communism
16) What did Marx believe would happen to capitalism?
A
It would destroy itself
B
It would survive eternity
C
It would become a command economy
D
It would give way to a communist society
17) Which definition is for capitalism?
A
an economic system in which factors of production are owned by the public operate for the welfare for all
B
an economic system in which factors of production are privatelyowned and money is invested in business ventures to make proft
C
Government planned economy
D
government control of all resources such as railroads, businesses, and mines
18) Which definition is for communism?
A
a form of complete socialism-in which the means of production would be owned by the people, no longer private property
B
privately control of all resources such as railroads, businesses and mines
C
an economic system in which factors of production are owned by the public operate for the welfare for all
D
an economic system in which factors of production are privately owned and money is invested in business ventures to make a pr
19) Of the following countries, which is a capitalist nation?
A
North Korea
B
China
C
Cuba
D
United States
20) Of the following countries, which is communist?
A
Mexico
B
Great Britain
C
China
D
United States
*select an answer for all questions
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