WorksheetsEconomics Review
Total questions: 20
Worksheet time: 12mins
Name
Class
Date
1.
What is supply?
a)
the amount of a good or service that a producer wants to sell.
b)
the amount of something that a consumer wants to buy.
c)
the lack of a resource.
d)
something is what you give up to make it or buy it.
2.
What is demand?
a)
the amount of a good or service that a producer wants to sell.
b)
the amount of something that a consumer wants to buy.
c)
the lack of a resource.
d)
something is what you give up to make it or buy it.
3.
What is barter?
a)
free trade between countries.
b)
goods shipped out of a country and sold somewhere else.
c)
goods and services that a country buys from other countries.
d)
goods and services are traded for other goods and services.
4.
What is exports?
a)
free trade between countries.
b)
goods shipped out of a country and sold somewhere else.
c)
goods and services that a country buys from other countries.
d)
goods and services are traded for other goods and services.
5.
What is imports?
a)
free trade between countries.
b)
goods shipped out of a country and sold somewhere else.
c)
goods and services that a country buys from other countries.
d)
goods and services are traded for other goods and services.
6.
What is a recession?
a)
When the economy grows very slowly or shrinks.
b)
a continued rise in prices or the supply of money.
c)
an economic system in which custom decides what people do, make, buy, and sell.
d)
an economic system in which a central government decides what goods will be made and who will receive them.
7.
What is a inflation?
a)
when the economy grows very slowly or shrinks.
b)
a continued rise in prices or the supply of money.
c)
an economic system in which custom decides what people do, make, buy, and sell.
d)
an economic system in which a central government decides what goods will be made and who will receive them.
8.
What are resources?
a)
something that is useful.
b)
the ability of people to do work.
c)
money and goods used to help people make or do things.
d)
he use of advanced methods to solve problems.
9.
What is labor?
a)
something that is useful.
b)
the ability of people to do work.
c)
money and goods used to help people make or do things.
d)
he use of advanced methods to solve problems.
10.
Which is the correct four resources needed for an economy to fuction?
a)
A.
b)
B.
c)
C.
d)
D.
11.
Which type of economy exists in the United States of America?
a)
Command
b)
Traditional
c)
Mixed
d)
Market
12.
This type of economy is only seen in isolated societies. It is based on customs.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
13.
In this type of economy, the market is controlled by the government and the people are generally told what to buy and sell.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
14.
The government has some control over what and how much is made. Individuals make the rest of the economic choices. Some countries in Europe are this type of economy.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
15.
What happens when the demand for a good is high and the supply is low?
a)
Price rises
b)
Price lowers
c)
Price does not change.
16.
What happens when the demand for a good is low and the supply is high?
a)
Price rises
b)
Price lowers
c)
Price does not change.
17.
Which is an example of a resource from "land"?
a)
Mr. Cullinane starting his own business.
b)
Trees being made into lumber.
c)
A factory built by a company.
d)
An employee at company.
18.
Which is an example of a resource from "entrepreneurship"?
a)
Mr. Cullinane starting his own business.
b)
Trees being made into lumber.
c)
A factory built by a company.
d)
An employee at company.
19.
Which is an example of a resource from "capital"?
a)
Mr. Cullinane starting his own business.
b)
Trees being made into lumber.
c)
A factory built by a company.
d)
An employee at company.
20.
Which is an example of a resource from "labor"?
a)
Mr. Cullinane starting his own business.
b)
Trees being made into lumber.
c)
A factory built by a company.
d)
An employee at company.
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