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WorksheetsEconomics Review
Total questions: 35
Worksheet time: 18mins
Name
Class
Date
1.
What is this a picture of?
a)
Currency
b)
Money
2.
Is all money currency?
a)
Yes
b)
No
3.
Which one of these is NOT money?
a)
Stocks
b)
Livestock
c)
Checks
d)
Debit Card
4.
Many years ago, ancient cultures used this kind of system, based on TRADE, to get goods.
a)
Aqua System
b)
Credit Cards
c)
Barter System
d)
The internet
5.
Inflation is...
a)
When PRICES go up, and your dollar buys less
b)
When PRICES go down, and your dollar buys more
c)
When PRICES stay the same and you buy balloons.
6.
Deflation is...
a)
When PRICES go up, and your dollar buys less!
b)
When PRICES go down, and your dollar buys you more!
c)
When PRICES stay the same and you sell your balloons!
7.
What is a WANT?
a)
Food
b)
Clothing
c)
New bike
d)
Shelter
8.
What does it mean to "live within your means"??
a)
Borrowing money
b)
Living out in the country
c)
Buying only that which you can AFFORD, and not buying on credit
d)
Living and not being mean
9.
What is the definition of SCARCITY?
a)
Something that is LIMITED, but is wanted
b)
Something that is limited
10.
1 in 10 people in the world don't have this NEED.
a)
Time
b)
Clean drinking Water
c)
Sunshine
11.
Which one is NOT a factor in production?
a)
Land
b)
Labor
c)
Capital
(investments)
(investments)
d)
Online Sales
12.
Which is a GOOD?
a)
Shoes
b)
Massage
c)
Piano Lesson
13.
Which is a SERVICE?
a)
Oil change
b)
Oil
c)
Tires
d)
Gas
14.
Price-cost=
a)
Expenses
b)
Profit
c)
Loss
d)
Gain
15.
What does GDP stand for?
a)
Gold Demand and Priorities
b)
General Department Party!!
c)
Gross Domestic Product
d)
Gee dunno pal
16.
This economy is all about buying and selling...
a)
Market
b)
Mixed
c)
Command
17.
This economy is government regulated ALONE...
a)
Market
b)
Mixed
c)
Command
18.
This is another name for OUR CAPITALIST economy here in the USA...
a)
Market
b)
Mixed
c)
Command
19.
What is the goal of capitalism?
a)
To make $
b)
To have as many restaurants as possible
c)
To sell goods ALL around the world
d)
To live in Madison, WI
20.
Which stock do you make $ or dividends on?
a)
Preferred
b)
Common
c)
Both
d)
Neither
21.
Which stock can you vote with?
a)
Preferred
b)
Common
c)
Both
d)
Neither
22.
Which stock exchange is the oldest?
a)
NASDAQ
b)
NYSE
(New York Stock Exchange)
(New York Stock Exchange)
c)
Studentstocktrader.com
23.
Who was the first head of the SEC?
a)
Joseph Kennedy Sr.
b)
Warren Buffet
c)
Thurgood Marshall
d)
Herbert Hoover
24.
What does the SEC do?
a)
Regulates business in the USA and the stock market, making sure it's fair
b)
Makes..
Sound Economy Cabinets
Sound Economy Cabinets
25.
Which of these is NOT an economic indicator?
a)
Dow Jones Industrial Average
b)
Unemployment rate
c)
Price of Gas
d)
Department of Motor Vehicles
26.
What is the best way to
buy and sell stock?
buy and sell stock?
a)
Buy high, sell low
b)
Buy low, sell high
c)
Buy and sell at the same price
d)
Buy all you can and never sell
27.
What years were the Great Depression?
a)
1909-1919
b)
1919-1929
c)
1929-1939
d)
1939-1949
28.
Who was President during the Great Depression?
a)
John F. Kennedy
b)
Franklin D. Roosevelt
c)
Abraham Lincoln
d)
Calvin Coolidge
29.
What is the Federal Reserve?
a)
The central banking system of the USA
b)
Where we keep food for emergencies
c)
Hoover Dam
d)
A national park
30.
What is debt?
a)
$ that has been borrowed throughout the years and has not been paid back!
b)
A large ditch
c)
Water shortage
d)
A card
31.
Who is the current head of the Federal Reserve?
a)
Janet Yellen
b)
Tom Brokaw
c)
Warren Buffet
32.
When prices go up,
producers produce more..
producers produce more..
a)
Law of Supply
b)
Law of Demand
c)
Law of Scarcity
d)
Law of the Land
33.
When prices go up, people want - or ask for - less...
a)
Law of Supply
b)
Law of Demand
c)
Law of Scarcity
d)
Law of the Land
34.
Which is a supply curve?
a)
Red line #1
b)
Red line #2
c)
Blue Line
d)
There is no supply curve
35.
What determines the price of a product?
a)
Equilibrium Point
b)
Just the supply
c)
Just the demand
d)
Whatever the business people want to do...
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