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WorksheetsCE12 Economic Structures
Total questions: 43
Worksheet time: 22mins
Name
Class
Date
1.
What is the process of buying and using goods and services?
a)
Goods
b)
Production
c)
Distribution
d)
Consumption
2.
All of the following are considered types of resources EXCEPT ______________.
a)
human
b)
books
c)
capital
d)
natural
3.
Jimmy wants to buy a car. What do you call the amount of money he will have to pay for the car?
a)
Demand
b)
Price
c)
Incentive
d)
Supply
4.
Scarcity refers to _____________,
a)
the inability to satisfy all wants at the same time
b)
what is given up when a choice is made
c)
things used to change economic behavior
d)
the factors of production
5.
The worker in a factory are considered what type of resource?
a)
Entrepreneurship
b)
Human
c)
Capital
d)
Natural
6.
What do you call the process of combining resources to produce goods and services?
a)
Production
b)
Demand
c)
Consumption
d)
Distribution
7.
When supply is high and demand is low, the price of an item will be ____________,
a)
high
b)
none of the above
c)
stay the same
d)
low
8.
What does the interaction between supply and demand decide?
a)
Consumer preferences
b)
Mixed economies
c)
Free markets
d)
Price of goods and services
9.
What are the factors of production that are used to produce goods and services called?
a)
Price
b)
Scarcity
c)
Incentives
d)
Resources
10.
What you must give up when you choose one thing over another is called ____________,
a)
capital
b)
supply and demand
c)
opportunity cost
d)
price
11.
If supply is low and demand is high, the price of an item will be ____________.
a)
stay the same
b)
high
c)
none of the above
d)
low
12.
Trees are an example of what type of resource?
a)
Entrepreneurship
b)
Capital
c)
Natural
d)
Human
13.
Mike has $10. He can buy his favorite CD or a shirt. He decides to buy the CD. What term best represents the shirt?
a)
His supply
b)
His demand
c)
His opportunity cost
d)
His incentive
14.
A bulldozer is an example of what type of resource?
a)
Human
b)
Natural
c)
Capital
d)
Entrepreneurship
15.
Hot Dog City is competing for business with Hot Dog Town. Which incentive would most likely entice customers to eat at Hot Dog City?
a)
Hot Dog City offers a free drink with the purchase of a hot dog.
b)
Hot Dog Town offers a buy one get one free deal.
c)
Hot Dog City advertises that is has been in business for ten years.
d)
Hot Dog Town lowers the price of their hot dogs.
16.
John owns a shoe store. At the end of each month, John decides what he wants to do with his profits.
In what economic system does John live?
In what economic system does John live?
a)
Free market
b)
Command
c)
Barter
d)
Traditional
17.
Mary Ann runs a car dealership. She is required to sell only government-built cars. At the end of each month, she must give all the money the dealership earns to the government. The government then decides how much money Mary Ann and her workers should receive.
In which type of economic system does Mary Ann work?
In which type of economic system does Mary Ann work?
a)
Traditional
b)
Free Market
c)
Mixed
d)
Command
18.
Businesses, individuals, and government make economic decisions in which economic system?
a)
Free market
b)
Mixed
c)
Traditional
d)
Command
19.
Government ownership of resources is a characteristic in what economic system?
a)
Command
b)
Traditional
c)
Mixed
d)
Free market
20.
Who makes decisions for the public sector in a mixed economy?
a)
Individuals and businesses
b)
Government
c)
Individuals
d)
Individuals and government
21.
*Economic decisions are based on custom and historical precedent.
*People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
Which of the following is the best title for the list?
*People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
Which of the following is the best title for the list?
a)
Characteristics of a Free Market Economy
b)
Characteristics of a Traditional Economy
c)
Characteristics of a Command Economy
d)
Characteristics of a Mixed Economy
22.
What type of economic system does the United States have?
a)
Mixed
b)
Traditional
c)
Free Market
d)
Command
23.
In the United States economic system, who makes decisions?
a)
Individuals only
b)
Business only
c)
Individuals, business and government
d)
Government only
24.
Rivalry between producers of a good or service results in better quality goods and services at a lower price. This is called ____________.
a)
profit
b)
competition
c)
consumer sovereignty
d)
free market
25.
John opened a shoe store in Rocky mount, Virginia. Three months later, Mary Ann opened a shoe store in the same town. What benefits will the citizens of Rocky Mount receive as a result of these competing businesses?
a)
Lower quality with higher prices
b)
Better quality with higher prices
c)
Lower quality with lower prices
d)
Better quality with lower prices
26.
What is profit?
a)
Taxes paid to the government
b)
Money that is left after all expenses have been paid
c)
All of the money a business earns
d)
Price consumers pay for goods and services
27.
Consumers determine what goods and services will be produced based on the products they purchase. This is known as ____________.
a)
command economy
b)
profit
c)
competition
d)
consumer sovereignty
28.
Which form of business organization is authorized by law to act as a legal person regardless of the number of owners?
a)
Corporation
b)
Entrepreneurship
c)
Proprietorship
d)
Partnership
29.
Governments use tax revenue from individuals and businesses to provide ___________.
a)
for business expansion and increased consumption
b)
public goods and services
c)
income to purchase products
d)
profits to buy more resources
30.
Helen has $20,000. She wants to invest in a business in which she can control the decision and keep all of the profits. In which type of business should she invest?
a)
Proprietorship
b)
Partnership
c)
Government
d)
Corporation
31.
The buying and selling of goods and services by all nations in a worldwide market is called ____________.
a)
NAFTA
b)
interdependence
c)
megalopolis
d)
globalization
32.
The people with the ideas and courage to start a business are known as which type of resource?
a)
Capital
b)
Entrepreneurship
c)
Human
d)
Natural
33.
What is the impact of technological innovation on world trade?
a)
Higher cost of production
b)
Higher cost to the consumer
c)
Lowers the cost of consumption
d)
Lowers the cost of production
34.
In the United States economy, all of the following move continuously among markets, businesses, and households EXCEPT ___________.
a)
services
b)
goods
c)
interest
d)
resources
35.
A partnership is owned by _______________.
a)
the government
b)
one person
c)
a group of investors
d)
two or more people
36.
Virginia and the United States seek out international trade to _____________.
a)
gather knowledge
b)
increase opportunities to travel
c)
become more powerful
d)
purchase less expensive goods
37.
What do financial institution do with your deposits?
a)
Place it in other banks for safekeeping
b)
Make loans
c)
Keep it in security boxes
d)
Put it in their vault
38.
Which type of business can only be owned by one person?
a)
Entrepreneurship
b)
Partnership
c)
Proprietorship
d)
Corporation
39.
In the United States economy, what does the government provide to consumers and producers?
a)
Public goods and services
b)
Human labor
c)
Taxes
d)
Interest
40.
In the United States economy, what do businesses buy from consumers?
a)
Taxes
b)
Interest
c)
Goods and Services
d)
Resources
41.
In a proprietorship, the profits are kept by ____________.
a)
a group of people
b)
the government
c)
one person
d)
two people
42.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of risk. In which type of business should he invest?
a)
Corporation
b)
Proprietorship
c)
Partnership
d)
Entrepreneurship
43.
Adam put $500 in his savings account last year and has not added any more money to the account. His last bank statement showed his savings account had $515 in it. Which statement best explains why the amount of money in Adam's savings account increased?
a)
His bank statement reflected a debit from the grocery store.
b)
His employer contributed to his retirement fund.
c)
The bank deducted the required maintenance fees.
d)
The bank paid interest on the money he saved.
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