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WorksheetsEconomics Review
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
A depression is a prolonged rise in prices of goods and services
a)
True
b)
False
2.
Human Resources Include ____.
a)
Energy, skills, talents, and knowledge.
b)
Furniture, car, and clothes.
c)
Money, tools, and materials.
d)
All of the above.
3.
The economic condition where prices rise over time is:
a)
Depression
b)
Inflation
c)
Recession
d)
Supply and Demand
4.
Scarcity refers to the challenge of resources being limited while wants are unlimited.
a)
True
b)
False
5.
The Federal Reserve is the Bank's Bank.
a)
True
b)
False
6.
A measure of the number of people who are seeking work is called the
a)
Consumer growth rate
b)
Inflationary rate
c)
Depression rate
d)
Unemployment rate
7.
The total dollar value of the final goods and services are produced in a year by workers in the US is called:
a)
Gross national debt
b)
Exchange rate
c)
Consumer Price Index
d)
Gross domestic product
8.
A market economy and a command economy differ primarily in ___.
a)
The resources available
b)
The society's welfare
c)
The types of goods and services are produced
d)
The way economic decisions and choices are made
9.
The US economic system is generally referred to as a ______ system.
a)
Command
b)
Mixed
c)
Pure market
d)
Traditional
10.
When the price of a good or service is reduced, quantity demanded will generally
a)
Decrease
b)
Increase
c)
Remain the same
d)
Go up and then come down
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