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Worksheets5.01 Economics of Business & Employment
Total questions: 18
Worksheet time: 14mins
Name
Class
Date
1.
Which is a reason that natural resources are considered limited?
a)
People lack training or skills needed to do a job.
b)
Technology has advanced faster than training.
c)
Some countries are unable to manufacture them.
d)
The earth has certain boundaries.
2.
Which is an example of an economic service?
a)
Car stereo
b)
Tennis shoes
c)
Baseball glove
d)
Concert ticket
3.
The desire for which item(s) would be considered a noneconomic want?
a)
A car
b)
Nutritious food
c)
A walk
d)
New clothing
4.
A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
a)
Buyers
b)
Discount
c)
Sellers
d)
Automotive
5.
A local dry cleaner that also launders and presses shirts is selling:
a)
Industrial supplies
b)
Specialty goods
c)
Tangible items
d)
Consumer services
6.
Which change provides the most time utility for a consumer?
a)
Staying open for business on the weekend
b)
Arriving at a product trade show early
c)
Shopping for a product in the morning
d)
Asking for early delivery of a product
7.
A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
a)
Time
b)
Place
c)
Form
d)
Possession
8.
When prices increase, producers usually:
a)
Increase demand
b)
Decrease supply
c)
Increase supply
d)
Decrease profits
9.
Equilibrium price of a good or service is determined by trial and error and exists when:
a)
Research shows what the market will tolerate.
b)
The amount supplied is equal to the amount demanded.
c)
Businesses total their costs and markup.
d)
Businesses compute the average selling price in the area.
10.
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
a)
Distribution
b)
Opportunity cost
c)
Efficiency
d)
Utility
11.
Which is a natural resource that can be renewed through people's efforts?
a)
Water
b)
Crude oil
c)
Trees
d)
Mineral deposits
12.
Which situations would cause prices to rise?
a)
The corn crop is unusually large one summer.
b)
Insects destroy a large cotton crop.
c)
Animal rights activists march in front of a fur store.
d)
A newspaper article describes poor service provided by a hotel.
13.
Which group of words best describes wants?
a)
Limited, changing, and compensating
b)
Unlimited, changing, and competing
c)
Limited, unchanging, and competing
d)
Unlimited, unchanging, and compensating
14.
A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
a)
Pure competition
b)
A buyer's market
c)
A seller's market
d)
Inelastic demand
15.
One factor that might limit the human resources available for certain jobs is a/an:
a)
Organized training program.
b)
Appealing company image.
c)
Good safety record.
d)
Inadequate pay level.
16.
The usefulness of a product to consumers is referred to as product:
a)
Scarcity
b)
Utility
c)
Allocation
d)
Consumption
17.
Which is an external factor that affects market price?
a)
Location of items in store
b)
Consumer buying power
c)
Number of items in stock
d)
Available credit terms
18.
Which occurs when the supply of individuals who are able and willing to work diminishes?
a)
Capital goods become unlimited.
b)
Capital goods become limited.
c)
Human resources become limited.
d)
Human resources become unlimited.
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