WorksheetsEconomics
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
the shutting of a port to keep supplies from moving in or out
a)
blockade
b)
tariff
c)
boycott
d)
stalemate
2.
trade product brought into a country
a)
import
b)
export
3.
the study of how people manage limited resources to satisfy their wants and needs
a)
economics
b)
agriculture
c)
government
d)
culture
4.
products made in one country and going to another country
a)
imports
b)
exports
5.
tax on imports or exports
a)
tariff
b)
law
c)
treaty
6.
to refuse to buy certain goods or use certain services as a form of protest
a)
boycott
b)
blockade
c)
tariff
7.
an economic system in which all property and resources are owned and controlled by the “community” (in practice, controlled by the government)
a)
command
b)
market
c)
mixed
d)
traditional
8.
the condition of spending more money than the amount received in income
a)
deficit
b)
credit
9.
an economic system in which individuals decide for themselves what to produce and sell
a)
command
b)
market
c)
traditional
d)
mixed
10.
process of making large quantities of a product quickly and cheaply
a)
mass production
b)
mercantilism
c)
agriculture
11.
literally means “hands off”; business principle advocating an economy free of governmental regulations
a)
laissez-faire
b)
command & control
12.
sharp rise in prices and decrease in the value of money
a)
inflation
b)
deflation
13.
the economic transformation of a country marked by the development of new industries, mass production of goods and reduction in its agricultural workforce
a)
industrialization
b)
agriculture
c)
imperialism
d)
nationalism
14.
limiting the amount of certain types of goods that people can buy
a)
ration
b)
tariff
c)
reparation
15.
a short term mild depression in which business slows and some workers lose their jobs
a)
recession
b)
reparation
16.
manufacturing process, developed by Henry Ford in the 1920’s, whereby factory workers engage in specific and repetitive tasks
a)
assembly line
b)
industrialization
c)
factory system
17.
a share in a business
a)
stock
b)
tax
18.
an index based on the amount of goods, services, education, and leisure time that a people have
a)
standard of living
b)
rate of return
19.
actions taken against a country in an effort to force a change in its policy
a)
boycott
b)
sanctions
c)
blockade
d)
treaty
20.
when a nation buys more goods and services from foreign countries than it sells to them
a)
trade deficit
b)
trade agreement
c)
international treaty
d)
foreign investment
21.
The factors that attract people to a new area (e.x. jobs, freedom, family)
a)
pull factors
b)
push factors
22.
to trade without using money
a)
use currency
b)
barter
23.
the global exchange of goods, culture & disease resulting from the encounter between the peoples of the eastern and western hemispheres
a)
Columbian Exchange
b)
mercantilism
c)
The Enlightenment
d)
Line of Demarcation
24.
a business owned by stockholders
a)
corporation
b)
union
c)
stock market
d)
factory
25.
condition that exists when the government spends only as much as it takes in from taxes
a)
balanced budget
b)
trade deficit
26.
economic system in which businesses are owned by private citizens
a)
free enterprise system
b)
Communism
c)
mixed economy
d)
traditional economy
27.
The factors that cause people to leave an area (e.x. famine, war, political upheaval)
a)
pull factors
b)
push factors
28.
exclusive control or ownership of an industry by a single business with the purpose of reducing competition
a)
corporation
b)
monopoly
c)
union
29.
the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy
a)
competition
b)
market
c)
supply & demand
30.
the idea that we cannot have everything we want; there is a limited amount of what we want
a)
scarcity
b)
supply
c)
economics
31.
What makes resources "scarce"?
a)
when they are hard to get
b)
when they are easy to get
32.
Which of the following is NOT an a "scarce" resource
a)
money
b)
time
c)
air
33.
Economics is the study of...
a)
how people make decisions
b)
how people organize themselves in society
c)
how we are ruled
34.
Economics is the study of...
a)
how our society as a whole uses its resources
b)
how our society implements new technologies
c)
how new laws are written
35.
High demand for bananas + low supply of bananas =
a)
expensive bananas
b)
cheap bananas
c)
high demand for apples
36.
Low demand for bananas + high supply of bananas =
a)
cheap bananas
b)
expensive bananas
c)
cheap apples
37.
What can YOU do if people want bananas but there aren't bananas?
a)
Sell bananas!
b)
Move
c)
sell apples
38.
What drives down the prices of goods?
a)
competition (increases supply)
b)
price controls (set by the government)
39.
Which is NOT a characteristic of a COMMAND economy
a)
socialism
b)
Communism
c)
planned/controlled
d)
competition
40.
Which is NOT a characteristic of a MARKET economy.
a)
individual choice
b)
supply & demand
c)
competition
d)
regulations
100 %
