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PBMF Chapter 1

Total questions: 40

Worksheet time: 21mins

Name
Class
Date
1.

The government makes the economic decisions. What type of economy does this country have?

a)

Command

b)

Market

c)

Mixed

d)

None of the above

2.
A market economy is based on supply and demand
a)
True
b)
False
3.

What kind of resource is a tree?

a)

Natural (Land)

b)

Human (labor)

c)

Capital

d)

Entrepreneurial

4.
A Building is what kind of resource?
a)
Natural
b)
Human
c)
Capital
d)
Entrepreneurial
5.
Which of these is NOT a type of economy?
a)
market
b)
command
c)
mixed
d)
distributive
6.
What is the most common type of economy?
a)
market
b)
command
c)
mixed
d)
socialist
7.
A teacher is a natural resource?
a)
True
b)
False
8.

What happens when the demand is high and the supply is low?

a)

The price goes up

b)

The price goes down

c)

the price stays the same

d)

you have reached equilibrium

9.
Equilibrium means
a)
you are breaking even
b)
supply meets demand
c)
everybody is making the same amount
d)
none of the above
10.
If you use a resource for one thing, you give up the ___________ to use it for something else.
a)
right
b)
opportunity
c)
authority
d)
willingness
11.
The amount of money given or asked for when goods/services are bought or sold
a)
price
b)
product
c)
promotion
d)
supply
12.
The amount of goods/services that producers will provide at various prices
a)
supply
b)
demand
c)
price
d)
opportunity
13.
The government takes care of peoples' needs and the market takes care of peoples' wants in a _________ economy
a)
market
b)
socialist
c)
mixed
d)
command
14.
Unlimited wants and limited resources results in
a)
supply
b)
demand
c)
scarcity
d)
opportunity cost
15.
Competition leads to higher prices
a)
True
b)
False
16.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
17.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
18.
What is required because of scarcity?
a)
demand
b)
choices
c)
limited resources
d)
opportunity cost
19.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
20.
Where does selling and buying take place?
a)
Market
b)
Innovation
c)
Competition
21.
Which type of economy exists in primitive cultures where the focus is on providing food?
a)
Command economy
b)
Market economy
c)
traditional economy
22.
Who is someone who acquires goods and services for his or her own personal use?
a)
producer
b)
consumer
c)
market economy
23.

What is the benefit you give up by choosing to do one thing instead of another?

a)

opportunity cost

b)

scarcity

c)

innovation

d)

trade off

24.

What is the term for the way goods and services are produced, sold and used?

a)

competition

b)

economy

c)

market

d)

Factors of Production

25.
The primary motivating factor in a market economy is..
a)
profit
b)
quality of goods
c)
competition
26.
In which economy do private individuals own the property?
a)
market economy
b)
command economy
c)
traditional economy
27.

Utility also means

a)

usefulness

b)

longevity

c)

quality

d)

form

28.

What are the 3 benefits of business?

a)

wage, standard of living, taxes

b)

time. information, possession

c)

finance, management, marketing

29.

The functions of business are

a)

management

b)

marketing

c)

finance

d)

production

e)

all of these are functions of business

30.

The basic economic problem is

a)

supply and demand

b)

scarcity

c)

profit motive

d)

competition

31.

The 3 market forces are supply & demand, profit motive & competition

a)

True

b)

False

32.
______ is an example of a service.
a)
Bottle of soda
b)
Car
c)
mechanical work
d)
watch
33.

What goods and services will be produced? is the first economic question.

a)

True

b)

False

34.

The four functions of business are production, finance, marketing, and ___________.

a)

utility

b)

economics

c)

supply and demand

d)

managment

35.

The _______________ shows how much people will buy at different prices.

a)

equilibrium curve

b)

supply curve

c)

demand curve

d)

none of the above.

36.

The ___________ shows how much product will be produced at different prices.

a)

equilibrium curve

b)

supply curve

c)

demand curve

d)

none of the above.

37.

Left over money that a business has after all the expenses and cost of operation are paid is called_______________.

a)

profit

b)

expenses

c)

capital

d)

opportunity cost

38.

The understanding that the price of a product is determined by the relationship of the supply of a product and the demand for the product is know as the law of _______________.

a)

consumer behavior

b)

scarcity

c)

physics

d)

supply and demand

39.

All the tools, equipment, and machinery used to produce goods or provide services.

a)

product

b)

capital

c)

customer

d)

capitalism

40.

Economic resources a nation uses to make goods and supply services for its population.

a)

market economy

b)

factors of production

c)

consumer

d)

utility

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