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WorksheetsEconomics Pt. 1 Review
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
"The inability to satisfy all wants at the same time."
a)
Source
b)
Scarcity
c)
Profit
d)
Sovereignty
2.
"Money earned after all expenses are paid."
a)
Motive
b)
Profit
c)
Price
d)
Consumption
3.
A form of business that acts as a legal person.
a)
Franchise
b)
Proprietorship
c)
Partnership
d)
Corporation
4.
Joe is unable to have everything he wants. This is because of the economic concept of __.
a)
Profit
b)
Scarcity
c)
Choice
d)
Opportunity cost
5.
All are forms of money EXCEPT-
a)
Cash
b)
Federal Reserve notes
c)
Deposits
d)
Banks
6.
In circular flow, households trade __ for income ($).
a)
resources
b)
income
c)
taxes
d)
goods and services
7.
What kind of economy does the U.S. have?
a)
Traditional
b)
Free market
c)
Command
d)
Mixed
8.
In what kind of economy does the gov't have the MOST control?
a)
Traditional
b)
Free market
c)
Mixed
d)
Command
9.
People who take risks to make a profit are-
a)
Proprietors
b)
Entrepreneurs
c)
Partners
d)
Representatives
10.
What does the government provide in exchange for taxes?
a)
Public goods and services
b)
Resources
c)
Taxes
d)
Loans
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