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WorksheetsUnit 1 Economics Review
Total questions: 13
Worksheet time: 7mins
Name
Class
Date
1.
What is the FIRST step in the decision making process?
a)
make the decision
b)
define the problem
c)
research alternatives
d)
reflect/evaluate the choice made
2.
What to produce, how to produce, and for whom it will be produced are the three what?
a)
Basic economic questions
b)
Opportunity Costs
c)
Command Questions
d)
Consumer Ideas
3.
In a command economy, decisions about what and how much will be produced are made by
a)
the decisions made from past generations
b)
government officials
c)
consumers
4.
Which type of economic system is based on customs and traditions?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
5.
When a business is able to make their own decisions about the technology, style, and functionality of their product.
a)
market economy
b)
command economy
c)
traditional economy
6.
Because the U.S. does have SOME control over our economy, what type of economic system do we have?
a)
mixed
b)
command
c)
traditional
7.
Julie has the decision to babysit or go to a movie. If she picks the movie, what is her opportunity cost?
a)
The money spend on the movie
b)
She could have made money while babysitting
c)
there is no opportunity cost
8.
If there is a SURPLUS of corn, what will happen to the price of corn in order to sell this crop before it goes bad?
a)
Price with increase due to demand
b)
Price will increase due to supply
c)
Price will decrease due to supply
d)
Price will decrease due to demand
9.
Bicycle manufacturers increase their production by 60% higher than demand thus causing the prices to...
a)
decrease
b)
increase
10.
Vacationers traveling to California increase during January, thus causing the prices of hotel rooms in California to...
a)
increase
b)
decrease
11.
This measures the increase/decrease in the retail prices of consumer goods and services.
a)
Gross Domestic Product
b)
Consumer Price Index
c)
The unemployment rate
12.
A general increase in the average level of prices in a nation's economy.
a)
Economic Question
b)
GDP
c)
Inflation
13.
The current value of all goods and services produced in a country in one year.
a)
opportunity cost
b)
market
c)
GDP
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