Integrated Social Studies Unit 2 Exam, Part 1 Question Preview (ID: 27667)


Economics Part 1. TEACHERS: click here for quick copy question ID numbers.

A negative aspect of a traditional economy is:
a) Roles are clearly defined
b) Little competition
c) Does not allow for growth and development
d) System is well understood

A traditional economy focuses on family and traditions. Therefore traditional economies are not as common but found where?
a) in tribes
b) in cities
c) in America
d) in indigenous communities

All of the following are economic systems, EXCEPT:
a) Command
b) Traditional
c) Market
d) Communism

Having too much of an item or resource is known as:
a) surplus
b) shortage
c) laissez-faire
d) consumer

Opportunity cost is the ______________ of what you are giving up.
a) disadvantages
b) cost
c) advantages
d) opportunity

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 miss what happened on the show and will have to watch it later.
d) You will get a better grade in the class.

Which of the following focuses on economic decision making by individuals, households, and businesses?
a) Macroeconomics
b) Microeconomics
c) Economics
d) Sizonomics

Which of the following is the correct definition of economics?
a) study of how people, individuals and in groups, choose to use their limited resources to satisfy their unlimited wants.
b) study of how people spend money
c) study of how the government uses money
d) studies the growth and development of capitalism

Identify the revolutional economic book written by Adam Smith.
a) The Communist Manifesto
b) Freakonomics
c) The Wealth of Nations
d) The Wealth of Men

An economy where a government controls and makes all economic decisions is a:
a) Traditional economy
b) Market economy
c) Mixed economy
d) Command economy

In the film Hunger Games, what type of economy exists in Panem?
a) Command
b) Traditional
c) Market
d) Mixed

In a market economy, who makes the economic decisions?
a) government
b) individuals
c) businesses
d) moguls

A mixed economy contains traits of what two types of economies?
a) Command and Market
b) Market and Traditional
c) Traditional and Mixed
d) Traditional and Command

An example of a country with mixed economy is:
a) United States
b) Brazil
c) India
d) North Korea

Karl Marx is known as the father of what type of economy?
a) Capitalism
b) Communism
c) Marxism
d) Command

What did Marx believe would happen to capitalism?
a) It would destroy itself
b) It would survive eternity
c) It would give way to a communist society
d) It would become a command economy

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) an economic system in which factors of production are owned by the public operate for the welfare for all
c) government control of all resources such as railroads, businesses, and mines
d) Government planned economy

Which definition is for communism?
a) an economic system in which factors of production are privately owned and money is invested in business ventures to make a pr
b) an economic system in which factors of production are owned by the public operate for the welfare for all
c) a form of complete socialism-in which the means of production would be owned by the people, no longer private property
d) privately control of all resources such as railroads, businesses and mines

Of the following countries, which is a capitalist nation?
a) China
b) Cuba
c) North Korea
d) United States

Of the following countries, which is communist?
a) United States
b) China
c) Mexico
d) Great Britain

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