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WorksheetsBusiness Ch. 1 - Econ. Decisions
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
Not having enough resources to satisfy every need is
a)
supply side economics
b)
demand curve
c)
scarcity
d)
opportunity cost
2.
the value of the next-best alternative is known as
a)
opportunity cost
b)
sub-alternate decision
c)
revenue
d)
margin
3.
when you give up something to have something else
a)
trade-off
b)
opportunity cost
c)
sacrifice of need
d)
sacrifice of want
4.
1st step in decision making process
a)
Identify the choices
b)
Define problem
c)
Act on choice
d)
Choose the best alternative
5.
Last step in decision-making process
a)
Review your decision
b)
Act on your choice
c)
Choose the Best Alternative
d)
Evaluate advantages
6.
This economic system involves a large role for the govt
a)
Traditional Economy
b)
Command Economy
c)
Mixed Economy
d)
Market Economy
7.
NOT one of the 3 Economic Questions for a country
a)
What goods will be produced?
b)
How will the goods be produced?
c)
What needs/wants will be satisfied?
d)
What will be the marginal tax rate?
8.
Best example of a command economy
a)
North Korea
b)
South Korea
c)
China
d)
Sweden
9.
Who determines the price in a market economy?
a)
seller only
b)
buyer only
c)
buyer & seller
d)
past price history & competition
10.
In a market economy people vote with their
a)
taxes
b)
ballots
c)
dollars
d)
national service
11.
Traditional economies are found in countries which are less
a)
developed
b)
frigid
c)
tropical
d)
remote
12.
In the U.S., who establishes supply?
a)
consumers
b)
producers
c)
government
d)
regulators
13.
If demand for a product is low the price will
a)
rise
b)
drop
c)
remain the same
d)
vary day -to-day
14.
Point where supply and demand are equal
a)
market balance
b)
market price
c)
market equilibrium
d)
market pause
15.
Example of a mixed economy
a)
Burma
b)
Sweden
c)
U.S.
d)
South Korea
16.
The decision-making process can be applied to
a)
any purchase decision
b)
any analysis
c)
any service produced
d)
any good manufactured
17.
risk taker who uses resources to create a new product or service
a)
consumer
b)
regulator
c)
entrepreneur
d)
manager
18.
Next Friday's test is on
a)
Chapter 2
b)
Chapter 3
c)
Chapter 1.3
d)
Chapter 1.4
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