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WorksheetsCh. 1 Review
Total questions: 40
Worksheet time: 40mins
Name
Class
Date
1.
This economic resource includes money, equipment, land and buildings.
a)
Natural
b)
Human
c)
Capital
d)
Scarcity
2.
Things that are NOT necessary for survival but add comfort
a)
Supply
b)
Demand
c)
Needs
d)
Wants
3.
The first step in the decision making process.
a)
Define the problem.
b)
Evaluate the advantages and disadvantages.
c)
Identify the choices.
d)
Act on your choice.
4.
Things that are necessary for our survival.
a)
Needs
b)
Wants
c)
Demand
d)
Supply
5.
A person that mows your lawn is providing a _________________.
a)
Service
b)
Good
c)
Capital Resource
d)
Natural Resource
6.
Quantity of a product that producers are willing and able to provide at a price.
a)
Demand
b)
Supply
c)
Service
d)
Good
7.
Quantity of a product or service that consumers are willing and able to buy at a price.
a)
Supply
b)
Demand
c)
Good
d)
Service
8.
The point at which demand and supply meet, where you can get the biggest 'bang for your buck.'
a)
market price
b)
quantity price
c)
supply price
d)
price price
9.
Most countries have this type of economic system.
a)
Mixed
b)
Market
c)
Command
d)
Traditional
10.
Nations with this type of economic system are usually 3rd world countries.
a)
Market
b)
Mixed
c)
Traditional
d)
Command
11.
These are used to produce goods and services.
a)
Factors of Production
b)
Factors of Price
c)
Factors of Supply
d)
Factors of Demand
12.
This resource includes the people that design a product.
a)
Capital Resource
b)
Human Resource
c)
Natural Resource
d)
Expensive Resource
13.
This is the basic economic problem.
a)
We all face scarcity.
b)
I make too much money.
c)
I broke a nail.
d)
I have to wake up too early.
14.
The VALUE of the next best alternative that you did not choose is called what?
a)
Opportunity Cost
b)
Trade-Off
c)
Economic Decision Making
d)
Define the Problem
15.
This includes exchanges that take place in stores, on-line, by phone & at flea markets.
a)
Marketplace
b)
Command Economy
c)
Supply
d)
Traditional Economy
16.
What is another name for the human resource?
a)
Service
b)
Labor
c)
People
d)
Good
17.
When competition is LOW, prices are ___________.
a)
Mediocre
b)
Low
c)
High
d)
Zero
18.
Our government is not faced with scarcity, true or false.
a)
True
b)
False
19.
What interacts to determine prices?
a)
Wants and Needs
b)
Supply and Demand
c)
Capital and Human
d)
Command and Market
20.
Goods and services are provided through the use of what?
a)
Economic Resources
b)
Factors and Production
c)
Capital, Human, and Natural Resources
d)
All of these are True
21.
True or False: We have limited wants, but unlimited resources.
a)
True
b)
False
22.
Who should follow the decision making process?
a)
Individuals
b)
Businesses
c)
Government
d)
All of these are true
23.
Which of the following is NOT a good?
a)
chicken
b)
table
c)
oil
d)
haircut
24.
The person whose job it is to check you out at Hollister is considered a part of what?
a)
Human Resource
b)
Capital Resource
c)
Natural Resource
d)
Demand Resource
25.
Which of the following describes a situation in which scarcity can be a problem?
a)
A city wants to give teachers a large increase in pay.
b)
A business wants to buy new land.
c)
A family wants to go on a vacation to Aruba.
d)
All of these are examples of when scarcity can be a problem.
26.
Which factors do NOT affect demand?
a)
Fads/Trends
b)
Season/Weather
c)
Quality of Product
d)
These all affect the demand
27.
True of False: If prices are too high, consumers won't buy.
a)
True
b)
False
28.
True or False: Prices are affected by both supply and demand.
a)
True
b)
False
29.
True or False: Businesses spend minimal amount of time studying how to price items.
a)
True
b)
False
30.
The factor that helps keep prices at a reasonable level is...
a)
kind-hearted people
b)
competition among businesses
c)
strict government regulations
d)
profit motive
31.
Which of the following is NOT another name for the US economy?
a)
Capitalism
b)
Free Enterprise System
c)
Mixed Economy
d)
Competitive System
32.
What is the second step of the decision making process?
a)
Define the problem
b)
Identify the choices
c)
Evaluate the advantages and disadvantages
d)
Act on your choice
33.
What is the last step in the decision making process.
a)
Define the problem.
b)
Evaluate the advantages and disadvantages.
c)
Review the decision.
d)
Act on your choice.
34.
What is the fourth step in the decision making process?
a)
Define the problem.
b)
Choose one.
c)
Act on your choice.
d)
Review your decision.
35.
Which of the following is NOT one of the 4 rights of our economy?
a)
Private Property
b)
Competition
c)
Profit
d)
Monopoly
36.
The 4 rights our US businesses have include profit, competition, private property, and ...
a)
Freedom of Choice
b)
Freedom of Inaccuracy
c)
Freedom of Thought
d)
Freedom of Money
37.
Which country is an example of a market economy?
a)
US
b)
Thailand
c)
China
d)
Russia
38.
Which country is an example of a command economy?
a)
US
b)
China
c)
Canada
d)
Mexico
39.
Which country is an example of a traditional economy?
a)
US
b)
Canada
c)
China
d)
Vietnam
40.
What is due on Monday?
a)
Notes/Ch. 1 Terms
b)
Supply and Demand Curve Practice
c)
Economic Resources Activity
d)
All of these are due!
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