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WorksheetsEconomic TEST Review - no images
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
Which is not an economic incentive?
a)
Buy One Get One Free
b)
50% off regular price
c)
no discount
d)
Coupon to use as discount
2.
Your mom wants to buy ice pops for a family picnic. When she goes to the store and they are sold out. Supply is...
a)
high
b)
low
3.
Your mom goes to the store to buy ice pops before a Memorial Day picnic and discovers there are no more in the store. Demand for them is...
a)
low
b)
high
4.
You want to buy a new pair of sneakers. They cost $78.00. You only have $65.00. This is an example of...
a)
a discount
b)
an incentive
c)
scarcity
d)
low supply
5.
Sal's sells a pizza for 11.00. It costs Sal's 5.00 for the ingredients to make a pizza. What is the $6.00 called?
a)
profit
b)
revenue
6.
Sal's sells a pizza for 11.00. It costs Sal's 5.00 for the ingredients to make a pizza. What is the $11.00 that you pay for the pizza called?
a)
their profit
b)
their revenue
7.
What is the study of satisfying unlimited wants by using limited resources called?
a)
factors of production
b)
supply
c)
demand
d)
economics
8.
When you buy a treat at Rita's, you pay money for that purchase. The idea of giving something up (money) in order to gain something (treat) is...
a)
profit
b)
opportunity cost
c)
revenue
d)
scarcity
9.
Which is not one of the three factors of production?
a)
land
b)
capital
c)
demand
d)
labor
10.
Any natural resource used to make products or perform services is which factor of production?
a)
land
b)
labor
c)
capital
11.
Physical and mental are words that describe which factor of production?
a)
land
b)
labor
c)
capital
12.
Equipment, machinery, and the buildings where products are made are part of which factor of production?
a)
land
b)
labor
c)
capital
13.
Weis, Giant, Redners, and Wegmans all want your family to buy groceries at their store. This is an example of...
a)
scarcity
b)
production
c)
competition
d)
demand
14.
Weis and Giant grocery stores advertise their sales to attract you to shop at their store. Advertising for your business occurs because the stores are ______ for your business.
a)
demanding
b)
supplying
c)
competing
d)
producing
15.
A person who has an original idea for a good or service and who combines any of the 3 factors of production is...
a)
a supplier
b)
a manager
c)
an entrepreneur
d)
a distributor
16.
The farmer who plants and harvests a crop of potatoes is part of the ...
a)
production of french fries
b)
distribution of french fries
c)
consumption of french fries
17.
The factory where potatoes are processed to make french fries is an example of ...
a)
production
b)
distribution
c)
consumption
18.
The store which displays french fries in its freezers for shoppers to buy is an example of...
a)
production
b)
distribution
c)
consumption
19.
Steve Jobs was the creator of Apple products. He was the first to bring his products to the marketplace. He is an example of ...
a)
an entrepreneur
b)
a business manager
c)
a laborer
d)
a factory supervisor
20.
The truck that transports to french fries from the factory to the grocery store is an example of...
a)
production
b)
distribution
c)
consumption
21.
The mother who serves french fries to her guests at a family picnic on Memorial Day is an example of...
a)
production
b)
distribution
c)
consumption
22.
A nurse who distributes medicine to a patient in the hospital is providing a...
a)
good
b)
service
23.
The new video game that a teen purchases at Gamestop is an example of a...
a)
a producer
b)
a good
c)
a service
d)
an entrepreneur
24.
Dr. Makeyoufeelbetter diagnoses you with strep throat and prescribes medicine for the infection. The doctor is a ______ of a service.
a)
consumer
b)
producer
25.
When you buy new clothes at Target, you are fulfilling the role of a....
a)
producer
b)
service provider
c)
consumer
d)
manager
26.
In exchange for you shoveling your neigbor's driveway during the winter, your neighbor cuts your lawn while your family is on summer vacation. This is an example of...
a)
a purchase
b)
an investment
c)
distribution
d)
barter
27.
Five Guys, Jake's Wayback Burgers, Burger King, and McDonalds are businesses that sell mostly hamburgers. This is an example of...
a)
profit
b)
specialization
c)
levels of industry
d)
entrepreneurship
28.
Red Robins and Friday's send discount coupons in the mail to encourage customers to eat at their restaurants. They do this because...
a)
they are in competition for business
b)
they are charities
c)
they are nonprofit organizations
d)
they are part of the tertiary industry
29.
Northwestern Lehigh School District provides the service of education to the community and operates like a business but does not make a profit. It is...
a)
a factory
b)
a profit seeking organization
c)
a nonprofit organization
d)
a primary level of industry
30.
Which is not a nonprofit organization?
a)
Animals in Distress
b)
Northwestern Lehigh School District
c)
Old Homestead Golf Course
d)
New Life Church
31.
Which is not an example of currency?
a)
the US Dollar
b)
the Japanese Yen
c)
the Bank's Check
d)
the United Kingdom's Pound
32.
Which is not an example of the quaternary level of industry?
a)
A researcher
b)
An annountant
c)
A mechanic
d)
A web designer
33.
Which is NOT an example of an economic incentive?
a)
paying fulll price for an item
b)
30% off sale
c)
50 cent coupon
d)
buy one get one free offer
34.
Which is not an example of the secondary level of industry?
a)
a teacher
b)
a factory worker
c)
an assembly worker in a manufacturing plant
d)
a steelworker
35.
Which is not an example of the primary level of industry?
a)
a farmer
b)
a banker
c)
a miner
d)
a lumberjack
36.
Which is not an example of the tertiary level of industry?
a)
a hotel manager
b)
a bus driver
c)
a nurse
d)
a fisherman
37.
Which phrase helps you remember the tertiary level of industry?
a)
Take It
b)
Sell It, Distribute It, Service It
c)
Make It
d)
Research It or Design It
38.
Which phrase helps you remember quaternary industry?
a)
Take It
b)
Make It
c)
Sell It, Service It, Distribute It
d)
Research or Design It
39.
Which phrase helps you remember the secondary level of industry?
a)
Make It
b)
Take It
c)
Research It or Design It
d)
Sell It, Service It , Distribute It
40.
Which phrase helps you remember the primary level of industry?
a)
Research It or Design It
b)
Sell It, Distribute It or Service It
c)
Take It
d)
Make It
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