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WorksheetsChapter 2 Intro. Business
Total questions: 15
Worksheet time: 1hrs 15mins
Name
Class
Date
1.
1. An Economic Resource and an Economic System are basically the same.
a)
True
b)
False
2.
2. Scarcity deals with issues concerning the everyday consumer and national issues.
a)
True
b)
False
3.
3. Scarcity does NOT deal with decisions about resources.
a)
True
b)
False
4.
4. The Factors of Production are NOT the economic resources that are essential to produce a society's goods and services?
a)
True
b)
False
5.
5. How many factors of production are there?
a)
a. 1
b)
b. 2
c)
c. 3
d)
d. 4
6.
6. An Entrepreneur is NOT a business person.
a)
True
b)
False
7.
7. There are 4 different types of economies.
a)
True
b)
False
8.
8. There are 3 basic economic questions every society must answer.
a)
True
b)
False
9.
9. A MARKET economy and a COMMAND economy do business the same way.
a)
True
b)
False
10.
10. Supply NEVER effects demand.
a)
True
b)
False
11.
11. Economic Systems are NOT the methods societies use to distribute resources.
a)
True
b)
False
12.
12. There is NO relationship between price, supply, and demand.
a)
True
b)
False
13.
13. The EQUILIBRIUM price is the point where the quantity demanded and the quantity supplied meet.
a)
True
b)
False
14.
14. Competition between similar businesses is a basic characteristic in a Command Economy.
a)
True
b)
False
15.
15. A Command Economy is an economic system in which a central authority makes all the key economic decisions.
a)
True
b)
False
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