WorksheetsGoods/Services
Total questions: 35
Worksheet time: 26mins
Name
Class
Date
1.
A person who buys or uses good and services is called a...?
a)
Consumer
b)
Producer
c)
Demand
d)
Goods
2.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods can be carried home and services can not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
3.
A good is something you buy and consume. Tell which is a good.
a)
You buy cookies from Mrs. Jenny in the caferteria.
b)
Mrs. Priester ask you to wash the tables.
c)
You hire someone to braid your hair
d)
You ask a friend to shampoo your living carpet.
4.
What is the fundamental problem of economics?
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
5.
What is an entrepreneur?
a)
A worker in a company
b)
The person who takes a risk to start a business
c)
an inventor
d)
The person in commercials for a product
6.
What are the three Basic Economic Questions?
a)
What service will be produced?
When it will be produced?
How will they be used?
When it will be produced?
How will they be used?
b)
What goods or services will be produced?
Why it will be produced?
Who will consume, or use, them?
Why it will be produced?
Who will consume, or use, them?
c)
What goods or services will be produced?
How will they be produced?
Who will consume, or use, them?
How will they be produced?
Who will consume, or use, them?
7.
Which of the following is a service?
a)
a restaurant meal
b)
a guitar lesson
c)
dry-cleaning fluid
d)
a concert t-shirt
8.
An individual who tries to earn a profit by developing a new product or finding a better way to produce an existing one is a(n)
a)
employee
b)
manager
c)
entrepreneur
d)
executive
9.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
10.
Tasks completed for you by other people or by machines are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
11.
Hiring a lawyer is an example of a:
a)
Good
b)
Service
12.
Your notebook for this class is an example of a:
a)
Good
b)
Service
13.
Why are resources considered limited?
a)
Everyone has them, and they change.
b)
Entrepreneurs do not invest enough of them.
c)
There are so many that people must decide which ones to choose at any one time.
d)
There are not enough available so that everyone can have as much of them as desired.
14.
Economics
a)
the study of how to meet unlimted, competing wants with limited resources
b)
the study of people and how they spend their money
c)
the study of how people need to budget their money
d)
the study of how to meet limited wants with limited resources
15.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
16.
What happens if demand increases?
a)
Price increases; quantity increases
b)
Price decreases; quantity increases
c)
Price increases; quantity decreases
d)
Price decreases; quantity decreases
17.
What happens if demand decreases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
18.
What happens if supply increases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
19.
What happens if supply decreases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
20.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
21.
There are four types of economic systems. Most economies are _____.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
22.
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
a)
Traditional
b)
Command
c)
Market
d)
Mixed
23.
In which economy do producers decide what to make based on consumer demand?
a)
market economy
b)
command economy
c)
traditional economy
24.
GDP per capita is highest in
a)
South America
b)
East Asia
c)
North America
d)
Eastern Europe
25.
What is per capita income?
a)
the total amount of money a country makes in a year
b)
the average amount of money earned by each person in a country
c)
the amount of capital a person owns
d)
none of the above
26.
Which of the following is NOT a disadvantage of economic unions?
a)
less restricted access to natural, human, and capital resources.
b)
concentration of some industries in certain countries
c)
closing of some industries
d)
agribusiness replacing family farms
27.
The percentage of the population that can read and write is called..
a)
Literacy rate
b)
Life expectancy
c)
Death rate
d)
Birth rate
28.
What is the literacy rate?
a)
The amount of adults who have written a book
b)
The amount of adults who can read and write per 1000
c)
The amount of adults who have electricity per 1000
d)
The amount of children that can read by age 5
29.
What is life expectancy?
a)
How long you are expected to live for when you're born
b)
What people expect out of life
c)
Whether or not you will be born
d)
Amount of money a country has
30.
Which continent is the least developed on the HDI?
a)
Europe
b)
Australia
c)
Asia
d)
Africa
31.
What is HDI?
a)
Human Development Index
b)
Huge Donut Industry
c)
High Development Industry
d)
Highly Dubious Imagination
32.
If supply of a product increases, what happens to the price? (Think back to the trade game)
a)
Increases
b)
Decreases
33.
If supply of a product increases, what happens to the price? (Think back to the trade game)
a)
Increases
b)
Decreases
34.
The least developed country in the world is...
a)
Niger
b)
Peru
c)
Mali
d)
Thailand
35.
GDP per capita, life expectancy and what else make up HDI?
a)
Birth rate
b)
Exports
c)
Imports
d)
Education
100 %
