NEW
Font size
S
M
L
XL
WorksheetsStandards 7 & 8 Quiz
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
a)
Capital
b)
Human Capital
2.
a)
Capital
b)
Human Capital
3.
a)
Capital
b)
Human Capital
4.
a)
Capital
b)
Human Capital
5.
Which statement below is an example of the economic concept known as labor?
a)
Products such as phones and tablets.
b)
Someone opening a business that does not offer an actual product, but which consumers can buy, such as a doctor’s office.
c)
Someone working and giving effort to build cars.
d)
A person taking a trip to the mall and purchasing clothes for the upcoming school year.
6.
Which statement below is an example of the economic concept known as service?
a)
Products such as phones and tablets.
b)
Someone opening a business that does not offer an actual product, but which consumers can buy, such as a doctor’s office.
c)
Someone working and giving effort to build cars.
d)
A person taking a trip to the mall and purchasing clothes for the upcoming school year.
7.
Which statement below is an example of the economic concept known as goods?
a)
Products such as phones and tablets.
b)
Someone opening a business that does not offer an actual product, but which consumers can buy, such as a doctor’s office.
c)
Someone working and giving effort to build cars.
d)
A person taking a trip to the mall and purchasing clothes for the upcoming school year.
8.
Which statement below is an example of the economic concept known as consumers?
a)
Products such as phones and tablets.
b)
Someone opening a business that does not offer an actual product, but which consumers can buy, such as a doctor’s office.
c)
Someone working and giving effort to build cars.
d)
A person taking a trip to the mall and purchasing clothes for the upcoming school year.
9.
Which scenario relates to a command economy?
a)
You live in a tribal group in Africa. Your economy consists of raising and trading livestock (cows, goats, etc.) to support yourself, your family, and your community.
b)
You are a private producer that makes shoes that glow in the dark. You have recently started to make these shoes because there has been a high demand for them, allowing you to make a large profit (a lot of money).
c)
You are the dictator of a country. You order your car manufacturer, which is owned by the government, to paint all cars purple. The majority of your people hate this, but they continue to buy them because it is the only option they have.
d)
You are traveling the world after you graduate from college. While in the Central American nation of Costa Rica, you witness tribal groups making jewelry and clothing to support themselves, their families, and their communities. You also see these same tribal groups selling the same types of jewelry and clothing to tourists in the cities.
10.
Which scenario relates to a traditional economy?
a)
You live in a tribal group in Africa. Your economy consists of raising and trading livestock (cows, goats, etc.) to support yourself, your family, and your community.
b)
You are a private producer that makes shoes that glow in the dark. You have recently started to make these shoes because there has been a high demand for them, allowing you to make a large profit (a lot of money).
c)
You are the dictator of a country. You order your car manufacturer, which is owned by the government, to paint all cars purple. The majority of your people hate this, but they continue to buy them because it is the only option they have.
d)
You are traveling the world after you graduate from college. While in the Central American nation of Costa Rica, you witness tribal groups making jewelry and clothing to support themselves, their families, and their communities. You also see these same tribal groups selling the same types of jewelry and clothing to tourists in the cities.
11.
Which scenario relates to a market economy?
a)
You live in a tribal group in Africa. Your economy consists of raising and trading livestock (cows, goats, etc.) to support yourself, your family, and your community.
b)
You are a private producer that makes shoes that glow in the dark. You have recently started to make these shoes because there has been a high demand for them, allowing you to make a large profit (a lot of money).
c)
You are the dictator of a country. You order your car manufacturer, which is owned by the government, to paint all cars purple. The majority of your people hate this, but they continue to buy them because it is the only option they have.
d)
You are traveling the world after you graduate from college. While in the Central American nation of Costa Rica, you witness tribal groups making jewelry and clothing to support themselves, their families, and their communities. You also see these same tribal groups selling the same types of jewelry and clothing to tourists in the cities.
12.
Which set of examples below most closely associate with the economic concept known as scarcity?
a)
Fewer farmers raising dairy cattle make it more difficult to buy milk and cheese.
The overhunting of deer makes it much harder to locate the animals next year.
The overhunting of deer makes it much harder to locate the animals next year.
b)
Someone gives up going to see a movie to study for a test in order to get a good grade.
A player attends a baseball camp to be a better player instead of taking a vacation.
A player attends a baseball camp to be a better player instead of taking a vacation.
13.
Which set of examples below most closely associate with the economic concept known as opportunity cost?
a)
Fewer farmers raising dairy cattle make it more difficult to buy milk and cheese.
The overhunting of deer makes it much harder to locate the animals next year.
The overhunting of deer makes it much harder to locate the animals next year.
b)
Someone gives up going to see a movie to study for a test in order to get a good grade.
A player attends a baseball camp to be a better player instead of taking a vacation.
A player attends a baseball camp to be a better player instead of taking a vacation.
14.
What type of economic system best describes the U.S. economy?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
15.
Which term below relates to a person that is willing to take a risk to start a business?
a)
Consumer
b)
Entrepreneur
c)
Labor
d)
Capital
Reset
