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WorksheetsCE.11-CE.14 Civics Review
Total questions: 39
Worksheet time: 2hrs 49mins
Name
Class
Date
1.
According to this table, what will happen if the price of a slice of pizza decreases from $2.50 to $1.00?
a)
Customers will not buy as much pizza.
b)
Profits of pizza makers will increase.
c)
There will not be enough pizza produced.
d)
The cost of producing pizzas will rise.
2.
What is the opportunity cost of going to the movies?
a)
Value of the computer game.
b)
Price of the movie tickets.
c)
Time of buying the computer game.
d)
Enjoyment of seeing the movies.
3.
Hot Dog City is competing with Hot Dog Town. Which incentive would most likely motivate consumers to eat at Hot Dog City?
a)
Hot Dog City decreases their supply of hot dogs to create a scarcity situation.
b)
Hot Dog City advertises that it has been in business for 10 years.
c)
Hot Dog City offers a free drink with purchase at Hot Dog City.
d)
Hot Dog City raises their prices in order to make more money per sale.
4.
The government of the Soviet Union provided food for its citizens. However, the food was often in short supply, had little variety, and was of poor quality. What type of economy was the Soviet Union?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
5.
Most countries today have which type of economic system?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
6.
Which economic system has the least amount of government involvement in decision making?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
7.
_________________ results in lower prices and better quality goods and services.
a)
Consumer Sovereignty
b)
Private Property
c)
Profit
d)
Competition
8.
The amount of money you make after all expenses have been paid is called what?
a)
Profit
b)
Competition
c)
Private Property
d)
Free Markets
9.
In 2000, the Heinz Corporation began selling purple ketchup. Sales were low and within a few years Heinz stopped selling it. Which characteristic of our economy was demonstrated in this example?
a)
Private Property
b)
Consumer Soveregnity
c)
Profit
d)
Competition
10.
What kind of business is best described by these statements?
a)
Corporation
b)
Partnership
c)
Proprietorship
d)
Entrepreneur
11.
What term describes a business that is allowed to act as a legal person (entity)?
a)
Proprietorship
b)
Corporation
c)
Partnership
d)
Democracy
12.
What type of business may an entrepreneur choose to have?
a)
Proprietorship
b)
Corporation
c)
Partnership
d)
All of the above
13.
Which of the following terms fills in the blank?
a)
Taxes
b)
Income
c)
Savings
d)
Investment
14.
This picture best demonstrates which trait of the U.S. Economy?
a)
Competition
b)
Profit
c)
Free Markets
d)
Consumer Soveregnity
15.
Which government agency would restrict Pepsi from buying Coca-Cola?
a)
Environmental Protection Agency
b)
Internal Revenue Service
c)
Federal Communications Commission
d)
Federal Trade Commission
16.
The United States Government promotes competition by -
a)
Encouraging Global Trade
b)
Encouraging Monopolies
c)
Prohibiting Start-Up Businesses
d)
Cutting off trade with other countries
17.
The image provided is an example of what?
a)
Proprietorship
b)
Partnership
c)
Entrepreneur
d)
Corporation
18.
The point where the supply and demand curves intersect determines what?
a)
Consumption
b)
Supply
c)
Price
d)
Production
19.
What type of business organization is authorized by law to act as a legal person regardless of the number of owners?
a)
partnership
b)
corporation
c)
proprietorship
d)
government
20.
What type of business organization has one owner who takes all the risks and all the profits?
a)
partnership
b)
corporation
c)
proprietorship
d)
dictatorship
21.
What type of business organization has two or more owners who share risks and profits?
a)
proprietorship
b)
partnership
c)
corporation
d)
friendship
22.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
23.
Where does Congress get the authority to tax personal and business incomes?
a)
14th Amendment
b)
16th Amendment
c)
1st Amendment
d)
5th Amendment
24.
a consumer's willingness and ability to purchase a good or service
a)
supply
b)
producer
c)
demand
d)
incentive
25.
the amount of a product or service that is available for consumers to buy
a)
demand
b)
supply
c)
incentives
d)
producer
26.
Financial institutions attract funds from savers by offering ____________ on savings.
a)
Profits
b)
Revenues
c)
Interest
d)
Benefits
27.
Which condition would lead to the highest prices?
a)
Low supply, high demand
b)
high supply, high demad
c)
High supply, low demand
d)
Low supply, low demand
28.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand stays the same
c)
demand goes down
d)
none of the above
29.
What a business has left after all the bills have been paid?
a)
supplies
b)
taxes
c)
profit
d)
debt
30.
Which economic system allows the government to decide the Means of Production?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
31.
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
32.
The image provided is an example of what?
a)
Proprietorship
b)
Partnership
c)
Entrepreneur
d)
Corporation
33.
What does the Federal Trade Commission do?
a)
They regulate interstate and international communications by radio, television, wire, satellite and cable in all 50 states.
b)
They aim to protect human health and the environment
c)
They prevent business practices that are anticompetitive or deceptive or unfair to consumers
d)
They make sure they everyone's feelings are not hurt
34.
The Federal Reserve System keeps inflation low and stable by -
a)
regulating the amount of money in the economy
b)
regulating the tax rate
c)
promoting competition
d)
setting prices
35.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market
b)
Tradeoff
c)
Scarcity
d)
Equity
36.
Why is a monopoly bad for an economy?
a)
It promotes cometition among businesses
b)
It lowers the cost of production
c)
It elimates competition
d)
It lowers consumer prices
37.
What can consumers do if their rights are violated?
a)
nothing
b)
take legal action
c)
protest
d)
complain on Facebook
38.
How is the individual right to private ownership protected?
a)
contracts
b)
2nd amendment
c)
citizens in the US cannot own property
d)
1st amendment
39.
Which of the following is NOT an example of money?
a)
Deposits in bank accounts
b)
Credit Cards
c)
Coins
d)
Federal Reserve Notes
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