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WorksheetsRafferty Economics 2016
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
When the supply of a product or service goes up and the demand stays the same the price will usually do what?
a)
rise
b)
fall
c)
stay the same
2.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
demand
b)
producer
c)
consumer
3.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
supply
b)
price
c)
demand
4.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
5.
The point where supply and demand are balanced is?
a)
surplus
b)
demand
c)
equilibrium
6.
When there is a shortage the price will usually?
a)
rise
b)
fall
c)
stay the same
7.
In this type of economy people may do things the way they have for generations.
a)
command
b)
traditional
c)
mixed
8.
In this economy government takes care of peoples needs and the private companies provide their wants.
a)
command
b)
mixed
c)
market
9.
In this economy government controls everything
a)
command
b)
traditional
c)
market
10.
How much of a good or service a producer is willing and able to produce at different prices.
a)
demand
b)
price
c)
supply
11.
A consumer's desire for a good or service at a given price.
a)
supply
b)
demand
c)
market
12.
The amount at which a good or service will be sold in the market.
a)
supply
b)
price
c)
demand
13.
There are several wars going on in the Middle East and our next President might lead us more into one of them. Also, these wars are making it more difficult for those oil producing countries to supply as much oil as they could. How will these events effect the price of oil?
a)
it will rise
b)
it will fall
c)
it will remain the same
14.
President Obama wants to spend a lot of money building green technologies. Also, there is a new technology that allows us to get oil from shale (a rock). How will this effect the price of oil?
a)
It will rise
b)
It will fall
c)
It will remain the same
15.
What is one reason European countries are developed and African countries are developing countries?
a)
African countries are more populated
b)
African countries are less educated
c)
African countries have less natural resources
16.
Why are Chinese workers taking jobs from American workers?
a)
They have more workers
b)
more expensive labor
c)
cheaper labor
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