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WorksheetsEOPA 22-50
Total questions: 25
Worksheet time: 25mins
Name
Class
Date
1.
In an economic system, the decision to hire more employees in order to make more products is answering which economic choice?
a)
How
to produce?
b)
When to produce?
c)
What to produce?
d)
For whom to produce?
2.
In an economic system, the decision to sell products to middle class teenagers whose hobbies include sports answers which economic choice?
a)
How to produce?
b)
When to produce?
c)
What to produce?
d)
For whom to produce?
3.
Hu Jintao, the dictator of China, makes the decisions which affect the jobs and living conditions of people living in China. The economic system in China is closer to which economic system?
a)
Command
b)
Market
c)
Mixed
d)
Traditionalist
4.
New Zealand promotes private ownership of businesses where competition among business owners drives prices. They are considered to be closer to which type of economic system?
a)
Command
b)
Market
c)
Mixed
d)
Traditionalist
5.
Haiti’s economy is based mainly on agricultural products such as coffee. This is considered which type of economic system?
a)
Command
b)
Market
c)
Mixed
d)
Traditionalist
6.
Which type of economic system occurs when both the government and individuals own factors of production?
a)
Command
b)
Market
c)
Mixed
d)
Traditionalist
7.
Who makes the decisions for the 3 economic questions for command economies?
a)
Government
b)
Consumers
c)
Based upon customs, beliefs, religion and habits
d)
Both government and consumers
8.
Who makes the decisions for the 3 economic questions for market economies?
a)
Government
b)
Consumers
c)
Based upon customs, beliefs, religion and habits
d)
Both government and consumers
9.
Who makes the decisions for the 3 economic questions for traditional economies?
a)
Government
b)
Consumers
c)
Based upon customs, beliefs, religion and habits
d)
Both government and consumers
10.
Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda began interviewing potential employees, they found there were few educated and trained employees in the area. The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________.
a)
Deficit
b)
Surplus
c)
Resources
d)
Scarcity
11.
turning raw materials into a product that is more valuable – raw wood into a chair
a)
Form Utility
b)
Time Utility
c)
Information Utility
d)
Possession Utility
12.
Making products available at certain times of day or year so it is available to customers
a)
Form Utility
b)
Time Utility
c)
Information Utility
d)
Possession Utility
13.
Providing instructions, warnings, etc on products to make it easier to understand or work with a product such as owner’s manuals or tags in clothing
a)
Form Utility
b)
Time Utility
c)
Information Utility
d)
Possession Utility
14.
Providing ways for customers to conveniently purchase a product such as lay away, credit cards, etc
a)
Form Utility
b)
Time Utility
c)
Information Utility
d)
Possession Utility
15.
What is a free enterprise economy?
a)
An economy whose economic decisions are made by the
government
b)
An economy in which both consumers and private businesses
make the majority of the economic decisions
c)
An economy that is free of enterprises
16.
Total Revenues – Total Expenses =
a)
Profit
b)
Investment
c)
Pricing
d)
Wants
17.
Based on the labor costs increasing, would profit for a company increase or decrease if everything else remained the same?
a)
increase
b)
decrease
18.
Based on the costs of raw materials decreased, would profit for a company increase or decrease if everything else remained the same?
a)
increase
b)
decrease
19.
Based on the amount of units sold increased, would profit for a company increase or decrease if everything else remained the same?
a)
increase
b)
decrease
20.
Based on the utilities decreasing, would profit for a company increase or decrease if everything else remained the same?
a)
increase
b)
decrease
21.
Which type of economic classification would industrial size washing machine be a part of?
a)
materials
b)
parts
c)
installation
d)
supplies
22.
Which type of economic classification would bottles be a part of?
a)
materials
b)
parts
c)
installation
d)
supplies
23.
Which type of economic classification would wood or water be a part of?
a)
materials
b)
parts
c)
installation
d)
supplies
24.
Which famous artist passed away yesterday?
a)
Prince
b)
Mariah Carey
c)
Whitney Houston
d)
Bono
25.
How many weeks do we have left in school?
a)
5
b)
7
c)
10
d)
6
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