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WorksheetsEconomics
Total questions: 22
Worksheet time: 9mins
Name
Class
Date
1.
Economics is the study of the making, buying, and selling of ______________ or ________________.
a)
Economics is the study of the making, buying, and selling of goods or services.
b)
Economics is the study of the making, buying, and selling of products and reselling for higher prices.
c)
Economics is the study of the making, buying, and selling of crops to community markets.
d)
Economics is the study of the making, buying, and selling.
2.
These days people usually use money to get what they want. Before there was money, people had to barter, or ______________ to get what they wanted.
a)
These days people usually use money to get what they want. Before there was money, people had to barter, or stole to get what they wanted.
b)
These days people usually use money to get what they want. Before there was money, people had to barter, or traded to get what they wanted.
c)
These days people usually use money to get what they want. Before there was money, people had to barter, or hunt to get what they wanted.
d)
These days people usually use money to get what they want. Before there was money, people had to barter, or decide not to get what they wanted.
3.
A service is any kind of _________________________
a)
A service is any kind of product made by others.
b)
A service is any kind of connection to the world.
c)
A service is any kind of work performed for others.
d)
A service is any kind of product sold others.
4.
A good is something you can ___________, or any kind of _________________
a)
A good is something you can feel, or any kind of merchandise.
b)
A good is something you can eat, or any kind of food.
c)
A good is something you can feel, or any kind of service.
d)
A good is something you can feel or anything good to use.
5.
What is supply?_________________________________________
a)
Supply is the amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
b)
A supply is the price of a resource.
c)
Supply is a product.
d)
A supply is the amount or availability of a resource.
6.
What is demand?________________________________________
a)
The amount of a particular economic good or service that a consumer uses
b)
The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
c)
The amount a producer supplies.
d)
The price of a good or service at a particular time.
7.
What is Scarcity? _______________________________________
a)
People must make choices.
b)
Scarcity means that there are unlimited resources, and therefore, people don't have to make decisions.
c)
Scarcity means that there are limited resources, and therefore, people must make choices.
d)
Scarcity means that there is a surplus of resources, and therefore, people have more than enough resources.
8.
A ___________________is anyone who buys a good or a service
a)
consumer
b)
seller
c)
producer
9.
A producer is anyone who makes or _______________________.
a)
steals a good or performs a service.
b)
thinks of a good or performs a service.
c)
grows a good or performs a service
10.
How does the illustration below demonstrate opportunity cost?
a)
Student must decide whether to study or to watch some T.V. during free time. Studying will benefit her. Whereas, watching TV will cause her to earn a bad grade. She has decide which she will do.
b)
Opportunity cost is the process of choosing one good or service over another.
c)
The item that you don’t pick is the opportunity cost.
11.
The toy store owner spent $30.00 to make the basketball net. Billy bought it for $50.00. The toy store owner made a profit of $__________.This means the store owner earned more than his expenses to make the basket ball net.
a)
$10.00
b)
$20.00
c)
$30.00
d)
$40.00
12.
The toy store owner lost money when Megan purchased the bike. The owner made the bike for $80.00, but sold it to Megan for only $65.00. The toy store owner lost $________.This means the store owner earned less than what he spent to make the bike.
a)
$45 bucks
b)
$35 bucks
c)
$25 bucks
d)
$15 bucks
13.
__________________________ is when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts.
a)
INDEPENDENCE
b)
INTERDEPENDENCE
c)
SPECIALIZATION
d)
SPECIALTY
14.
__________________________ is when people depend on one another.
a)
INTERDEPENDENCE
b)
DEPENDENT
c)
SPECIALIZATION
d)
INDEPENDENCE
15.
Taxes are the money that the government ______________ from individuals and businesses to pay for ___________ goods and services.
a)
Taxes are the money that the government TAKES from individuals and businesses to pay for private goods and services.
b)
Taxes are the money that the government loan from individuals and businesses to pay for private goods and services.
c)
Taxes are the money that the government loan from individuals and businesses to pay for all kinds goods and services.
d)
Taxes are the money that the government collects from individuals and businesses to pay for public goods and services.
16.
Companies compete with one another to get the most customers, and therefore, make the most money. This is an example of _________________________________________.
a)
free competiotion
b)
market
c)
free enterprise
d)
free market
17.
An entrepreneur is a person who comes up with ___________ or ____________, or a better way to produce one. This person find the resources, the money, and the time to produce a new product.
a)
an idea OR skill
b)
goods OR services
c)
a product OR skill
d)
goods OR an idea
18.
_______________ taxes are used by the national government to pay for things like interstate highways, national parks, and monuments and the military.
a)
Local
b)
Federal
c)
State
d)
Sales
19.
The Federal Tax System is overseen by an organization based in Washington D.C. called the _______________.
a)
International Revenue Service
b)
Interdependent Revenue Service
c)
Internal Revenue Service
d)
Internal Recollection Service
20.
____________________ tax and _____________ taxes pay for stuff you'd find in your community like schools, hospitals and parks.
a)
local, federal
b)
state; sales
c)
state; federal
d)
state; local
21.
Sales Tax thats calculated as a ___________________ of the price of the things that you buy.
a)
sum
b)
percentage
c)
difference
d)
quotient
22.
____________________ tax is when the government takes taxes right out of your pay check.
a)
Income
b)
Sales
c)
Federal
d)
Local or State
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