WorksheetsEconomics
Total questions: 42
Worksheet time: 21mins
Name
Class
Date
1.
Which scenario would increase the supply of hula hoops and therefore decrease their price?
a)
Can't turn off the assembly line
b)
Can't turn on the assembly line
c)
Kids are buying jump ropes instead of hula hoops
d)
Kids are buying hula hoops instead of jump ropes
2.
Which situation would increase the demand for sweatshirts and therefore increase the price?
a)
June is surprisingly cold
b)
June is surprisingly warm
c)
Worldwide cotton shortage
d)
Wal-Mart ordered too many sweatshirts
3.
Which situation would result in a decrease in both the demand for and the price of iPads?
a)
Sony releases a cheaper version of it called the sPad
b)
there is a fire at an Apple factory
c)
Apple offers a 50% off sale on iPads
d)
Apple builds a new factory for making only iPads
4.
Which situation will decrease the supply of beach chairs therefore increasing the price?
a)
Shortage of the metal used in their frames
b)
Surplus of the fabric used in the seat
c)
Beaches close due to shark attacks
d)
Summer months are warmer than usual
5.
This is the system that the majority of the world uses, including the USA.
a)
market
b)
command
c)
traditional
6.
Which are 2 things that households provide for businesses in the economic cycle?
a)
land and labor
b)
goods and services
c)
taxes and military protection
7.
Which of these is NOT an institution that is included in the economic cycle?
a)
businesses
b)
households
c)
government
d)
foreign countries
8.
If the ________ for an item is low, the price will decrease.
a)
demand
b)
supply
c)
consumers
d)
incentives
9.
Under communism, workers are required to make a certain amount of goods, which is known as a...
a)
quota
b)
incentive
c)
product
d)
consumer
10.
________ are the things that people make to be sold to the public.
a)
consumer goods
b)
producers
c)
natural resources
d)
services
11.
In order to get customers to buy more goods, many producers will offer ________.
a)
incentives
b)
quotas
c)
scarcity
d)
natural resources
12.
________, or a low supply of something, will often result in price increases.
a)
scarcity
b)
incentive
c)
demand
d)
quota
13.
Which are 2 things that businesses provide for the government in the economic cycle?
a)
anti-monopoly laws and military protection
b)
taxes and services
c)
land and labor
14.
The Nike company is a ________ of shoes and sporting goods.
a)
producer
b)
consumer
c)
profit
d)
economy
15.
This system is also called communism.
a)
market
b)
command
c)
traditional
16.
In this system, workers will take home a fixed amount of money no matter how much they produce
a)
command
b)
traditional
c)
market
17.
Because there is a surplus of asparagus in Oceana County, farmers can ______ it to other areas.
a)
import
b)
export
c)
service
d)
producer
18.
This system is based on what your family or country usually produces and sells
a)
command
b)
traditional
c)
market
19.
________ is the study of the making, buying, and selling of goods and services.
a)
economics
b)
free enterprise
c)
history
d)
geography
20.
Due to the fact that we cannot grow bananas here, we have to ________ them.
a)
import
b)
export
c)
service
d)
scarcity
21.
A worker in this system would most likely have the same job as his or her ancestors.
a)
command
b)
traditional
c)
market
22.
Oil is an example of a ________ because it is a fossil fuel.
a)
natural resource
b)
product
c)
producer
d)
consumer
23.
A job that doesn't involve making and selling a product, such as waiting tables, is a _______.
a)
service
b)
consumer good
c)
quota
d)
natural resource
24.
This type of business is owned by a two or more individuals or families.
a)
corporation
b)
sole proprietorship
c)
partnership
25.
The price of an item will increase if the ________ is low.
a)
supply
b)
demand
c)
incentive
d)
quota
26.
This type of business is owned by a single person or family.
a)
corporation
b)
sole proprietorship
c)
partnership
27.
Which 2 things does the government provide for businesses in the economic cycle?
a)
taxes and goods
b)
labor and land
c)
anti-monopoly laws and military protection
28.
Producers decide what to produce, how to make it, and sell to consumers in a ________
a)
market economy
b)
command economy
c)
traditional economy
29.
This type of business is owned by multiple stock holders.
a)
corporation
b)
sole proprietorship
c)
partnership
30.
The people who buy Nike shoes are ________.
a)
producers
b)
consumers
c)
products
d)
consumer goods
31.
In these systems, people often have little or no choice in their career.
a)
all except market
b)
all except command
c)
all except traditional
32.
In a _______, the government makes all production decisions including whom the goods will go to
a)
command economy
b)
traditional economy
c)
market economy
33.
In this system, the wants and needs of the government are placed first.
a)
command
b)
traditional
c)
market
34.
Which 2 things do households provide the government with in the economic cycle?
a)
goods and services
b)
taxes and labor
c)
military protection and insuring bank deposits
35.
Which 2 things does the government provide for households in the economic cycle?
a)
taxes and labor
b)
goods and services
c)
military protection and insuring bank deposits
36.
This system is defined by individual desires and aspirations.
a)
command
b)
market
c)
traditional
37.
Which 2 things do businesses provide for households in the economic cycle?
a)
goods and services
b)
taxes and labor
c)
consumers and military protection
38.
This system does not place value on change.
a)
command
b)
market
c)
traditional
39.
After buying the marker for $20, I made a $10 ________ when I sold it for $30.
a)
profit
b)
quota
c)
incentive
d)
product
40.
There is little stress on economic progress in a ________ economy
a)
market
b)
command
c)
traditional
41.
One of the overriding values of this system is competition.
a)
command
b)
traditional
c)
market
42.
In this system, a worker will take home a set amount of money no matter how much they work.
a)
command
b)
traditional
c)
market
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