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WorksheetsEconomics
Total questions: 42
Worksheet time: 38mins
Name
Class
Date
1.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
2.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
3.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
4.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
5.
A person who uses and buys goods and services
a)
money
b)
producer
c)
consumer
d)
economics
6.
A person who makes goods or provides a service
a)
goods
b)
service producer
c)
producer
d)
consumer
7.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
8.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
9.
What does a buyer exchange for goods and services?
a)
money
b)
books
c)
food
10.
People who make goods and supply services
a)
consumer
b)
server
c)
producer
11.
Look at the pictures. Which word below could be used to describe them?
a)
services
b)
goods
c)
cosumers
12.
Which of these people is not providing a service?
a)
student
b)
mail man
c)
barber
d)
mechanic
13.
The highest-valued alternative that must be given up to engage in an activity.
a)
Scarcity
b)
Factors of Production
c)
Innovation
d)
Opportunity Cost
14.
A group of buyers and sellers which come together to trade
a)
Trade
b)
Market
c)
Macroeconomics
d)
Economic Model
15.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
16.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market
b)
Tradeoff
c)
Scarcity
d)
Equity
17.
The study of how people seek ways to meet their wants and needs by making choices is called?
a)
Economics
b)
Scarcity
c)
Capitalism
d)
Entrepreneurs
18.
The reason why you cant have everything you want is because of
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
19.
The thing that you give up (the next best alternative) when you make a decision is known as
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
20.
A market economy is very different from a command economy. Which of the following is found in a market economy?
a)
competition
b)
guaranteed yearly pay raise
c)
government control of industry
d)
government control of agriculture
21.
What is scarcity?
a)
Having too many resources
b)
Not having enough resources
22.
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
a)
muffins
b)
cookies
23.
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
a)
vacation
b)
swimming pool
24.
Emelia has been invited to a sleep over at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?
a)
seeing her favorite band
b)
spending time at a friends house
25.
Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision?
a)
studying for a test
b)
watching TV
26.
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?
a)
new skate park
b)
more computers
27.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
28.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
29.
The law of supply states that if the price of CD’s rise, suppliers will
a)
Supply more CDs
b)
Supply fewer CDs
c)
Quantity supplied will not change
30.
Which of the following is NOT a determinant of the supply of peanut butter?
a)
The price of peanuts
b)
The wages of peanut butter factory workers
c)
The income of peanut butter consumers
d)
Existing peanut butter making technology
31.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods
b)
A decrease in the price of lift tickets at resorts in Colorado
c)
A decrease in consumer income
d)
A decrease in the population
32.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
33.
The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?
a)
The input costs of Japanese made cars to the US will increase
b)
The quantity supply of Japanese made cars sold in the US will decrease
c)
The input costs of Japanese made cars in the US will decrease
d)
The quantity demand of Japanese made cars sold in the US will decrease
34.
Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
a)
Demand for gasoline will decrease
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
35.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
36.
What is money received on a regular basis for work or through investments?
a)
salary
b)
paycheck
c)
wage
d)
income
37.
When someone or a business chooses to specialize or produce certain items.
a)
Entrepreneur
b)
Economics
c)
Voluntary Exchange
d)
Specialization
38.
Resources found in nature like air, soil, sunshine, water, coal, plants, and animals.
a)
Human Resources
b)
Natural Resources
c)
Nonrenewable Resources
d)
Capital Resources
39.
The study of how people choose to use their resources
a)
Incentive
b)
Economics
c)
Entrepreneur
d)
Specialization
40.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
41.
Resources that are made by people to make other things.
a)
Renewable Resources
b)
Capital Resources
c)
Human Resources
d)
Natural Resources
42.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
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