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