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WorksheetsEconomics Review
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is the problem all economies are trying to solve?
a)
There are limited wants and unlimited resources.
b)
There are unlimited wants and limited resources.
2.
What is Economics?
a)
The social science of people and choices.
b)
The mathematical science of how the economy works
c)
The social science of supply and demand.
d)
The mathematical science of people and choices.
3.
Which is NOT one of the questions economies need to be able to answer?
a)
What product/service should we provide?
b)
How should the product/service be produced?
c)
Who should the product/service be produced for?
d)
When should the product/service be produced?
4.
Which economic system has no government interference?
a)
COMMAND ECONOMY
b)
MARKET ECONOMY
c)
GOVERNANCE ECONOMY
d)
MIXED ECONOMY
5.
Any place where buyers and sellers meet to exchange goods and services
(a)
6.
What is the value of the next best alternative when one option is chosen over another?
a)
Command Economy
b)
Opportunity Cost
c)
Economic Value
d)
The Economic Problem
7.
Scarcity means we must make a (a) .
8.
When supply is low and demand is high, you have
a)
Scarcity
b)
Surplus
c)
Market Economy
d)
Supply and Demand
9.
When supply is high and demand is low, you have
a)
Surplus
b)
Scarcity
c)
Free Market
d)
Shortage
10.
Things that are beyond the producers or consumers control that impact supply & demand are called
a)
External forces
b)
Internal change
c)
Demand shifts
d)
Voluntary Exchange
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