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WorksheetsEconomics Review
Total questions: 71
Worksheet time: 48mins
Name
Class
Date
1.
Work performed by a person:
a)
lazy
b)
land
c)
labor
d)
labrador
2.
Selecting an item or action from a set of possible alternatives:
a)
Consumption
b)
Cause
c)
Casual
d)
Choice
3.
Things that incite or motivate, used to change economic behavior:
a)
interest
b)
incite
c)
incentive
d)
invest
4.
When goods or resources are not readily available:
a)
scare
b)
screech
c)
city
d)
scarcity
5.
The amount one must pay in order to buy a good or service:
a)
price
b)
interest
c)
product
d)
divident
6.
Factors of production that are used in the production of goods and services.
a)
supply
b)
demand
c)
resources
d)
wants
7.
The amound of a good or service that is reaily available:
a)
supply
b)
demand
8.
The amount of a good or service that consumers are willing to purchase:
a)
supply
b)
demand
9.
You are a __________ when you purchase a good or service.
a)
carnivore
b)
consumer
c)
supplier
d)
dealer
10.
The money that a business makes after it pays its expenses:
a)
price
b)
pension
c)
product
d)
profit
11.
The ______ system exists when the government controls the factors of production.
a)
Command
b)
Free Market
c)
Traditional
12.
In the ________ economy, people will perform the same tasks as their parents, grandparents, and ancestors.
a)
Market
b)
Command
c)
Traditional
13.
The ________ economy allows businesses to pursue profit without government interference.
a)
Market
b)
Command
c)
Traditional
14.
Who decides what businesses will work on in a command economy?
a)
government
b)
tradition
c)
the people
15.
What decides your role in a traditional economy?
a)
Government
b)
The Bosses
c)
Tradition and customs
16.
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
17.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
18.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market
b)
Tradeoff
c)
Scarcity
d)
Equity
19.
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
20.
The reason why you cant have everything you want is because of
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
21.
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
22.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
23.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
24.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
25.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
26.
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
27.
A person who uses and buys goods and services
a)
money
b)
producer
c)
consumer
d)
economics
28.
A person who makes goods or provides a service
a)
goods
b)
service producer
c)
producer
d)
consumer
29.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
30.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
31.
Things we buy that we can touch or hold
a)
services
b)
opportunity cost
c)
goods
d)
natural resources
32.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
33.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
34.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
35.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
36.
Who buys goods or services?
a)
Producers
b)
consumers
37.
What are wants?
a)
Something found in China
b)
something you must have to live
c)
something you see in a movie
d)
something you would like to have
38.
What are needs?
a)
Something that grows in nature
b)
Something that people would like to have
c)
Something people must have to live
d)
Something found on the moon
39.
Your teacher is providing a _______.
a)
good
b)
service
c)
commercial
40.
What does a buyer exchange for goods and services?
a)
money
b)
books
c)
food
41.
When you do something for someone else you provide a ________.
a)
good
b)
service
c)
consumer
42.
Kate needs school supplies, yet she wants to buy the latest Shopkins. She only has enough money to buy school supplies.
What should she do?
What should she do?
a)
Buy the Shopkins. Her teacher will understand.
b)
Buy the Shopkins. Ask someone else to buy her school supplies.
c)
Buy the school supplies. Start saving her money for the Shopkins.
d)
Buy only part of what she needs so she can spend the rest on Shopkins.
43.
Which shows a list of needs?
a)
nail polish, television, sweater
b)
sweater, water, apple
c)
shoes, shirt, necklace
d)
water, shirt, nail polish
44.
Who answers all economic questions in a market economy?
a)
religious authorities within individual communities
b)
the government
c)
national legislatures
d)
individual citizens (producers + consumers)
45.
Who makes all economic decisions in a command economy?
a)
individual citizens (producers + consumers)
b)
national legislatures
c)
religious authorities within individual communities
d)
the government
46.
"Country X" has an economic system in which individual citizens and the government share responsibility in answering economic questions. This is an example of a:
a)
traditional economy
b)
market economy
c)
mixed economy
d)
command economy
47.
What is a tariff?
a)
a tax placed on imports
b)
the refusal to cooperate with other countries in a specific region
c)
a limit on trade
d)
a limit on imports from other nations
48.
How does specialization encourage trade between countries?
a)
Countries
cannot specialize in all products, so they trade for what they need and want.
b)
Countries
must specialize in more than fifty percent of the products they produce for
export.
c)
Countries
are allowed to become experts in all products, so they do not need to trade for
goods.
d)
Countries
are allowed to decide what to produce, how to produce, and for whom to produce.
49.
What is human capital?
a)
the money spent to educate and train workers
b)
the total agriculture produced by a nation in one year
c)
government-owned businesses
d)
factories and industries
50.
Which type of economic system is based on customs and beliefs?
a)
traditional economy
b)
mixed economy
c)
command economy
d)
market economy
51.
what is opportunity cost
a)
trade off
b)
the most desirable alternative give up as the result of a decision.
c)
society
52.
the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services
a)
consumption
b)
resources
c)
production
d)
supply and demand
53.
the amount of money exchanged for a good or service
a)
scarcity
b)
opportunity cost
c)
incentives
d)
price
54.
the selection of an item from a set of possible alternatives
a)
incentives
b)
choice
c)
opportunity cost
d)
production
55.
The interaction of supply and demand determines ___.
a)
opportunity cost
b)
consumption
c)
supply
d)
price
56.
The interaction of supply and demand determines ___.
a)
opportunity cost
b)
consumption
c)
supply
d)
price
57.
The interaction of supply and demand determines ___.
a)
opportunity cost
b)
consumption
c)
supply
d)
price
58.
things that incite or motivate
a)
incentives
b)
price
c)
demand
d)
production
59.
Incentives are used to change ___.
a)
resources
b)
economic behavior
c)
production
d)
opportunity cost
60.
the using of goods and services
a)
production
b)
scarcity
c)
incentives
d)
consumption
61.
the amount of a good or service that consumers are willing and able to buy at a certain price
a)
supply
b)
demand
c)
resources
d)
price
62.
what is given up when a choice is made
a)
price
b)
choice
c)
opportunity cost
d)
scarcity
63.
the amount of a good or service that producers are willing and able to sell at a certain price
a)
production
b)
supply
c)
resources
d)
demand
64.
the inability to satisfy all wants at the same time
a)
scarcity
b)
opportunity cost
c)
price
d)
choice
65.
Good and services produced at home and sold in other countries
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
66.
A focus on developing only certain skills or producing only certain goods/services
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
67.
The process by which people and economies around the world are becoming increasingly interconnected
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
68.
When one person or group depends on or relies on another
a)
Import
b)
Specialization
c)
Interdependent
d)
Export
69.
Which of these is not a benefit of global trade?
a)
Allows people to buy things from all over the world
b)
Allows people to enjoy quality goods
c)
Allows people to pay less for goods
d)
People stop buying things made locally
70.
Economic System in which the government controls most of the means of production.
a)
Command Economy
b)
Diplomatic Economy
c)
New Economy
d)
World Economy
71.
Goods and services produced in other countries and sold at home
a)
Imports
b)
Exports
c)
Specialization
d)
Globalization
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