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WorksheetsEconomics Review (Period 2)
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Everyone is involved in the _______ both both producing goods and consuming them.
a)
economy
b)
producer
c)
consumer
d)
supply and demand
2.
John does yard work for a neighbor and gets paid $15 an hour. He is an example of a:
a)
producer
b)
consumer
3.
Steve pays his neighbor John to do yard work for him. Steve is an example of a:
a)
producer
b)
consumer
4.
Billy wants to start a business in order to end up on the show "Shark Tank". This is Billy's:
a)
profit
b)
consumer
c)
supply
d)
incentive
5.
New iPhones being released each year with updates, new features, and improved technology is an example of:
a)
incentive
b)
economy
c)
innovation
d)
market economy
6.
Android often waits to release new phones until after the latest iPhone release. This lowers the price of the iPhone slightly due to the:
a)
competition
b)
economy
c)
consumer
d)
command economy
7.
Supply and demand are examples of _____ because they act to make the market function well or poorly.
a)
profit
b)
scarcity
c)
market forces
d)
command economy
8.
Market economies allow private citizens the ability to grow and accumulate:
a)
capital
b)
natural resources
c)
labor
d)
consumer sovereignty
9.
Alex does yard work for an elderly neighbor. The services he provides here is an example of:
a)
scarcity
b)
consumer sovereignty
c)
competition
d)
labor
10.
Billy created a new product and will be on the next episode of "Shark Tank". Billy is an example of a(n):
a)
labor
b)
entrepreneur
c)
incentive
d)
capitalism
11.
Consumers, through their purchases and wants/needs end up influencing the supply/demand ratios. This is the underlying idea behind:
a)
consumer sovereignty
b)
labor
c)
producer
d)
natural resour
12.
"Quantity demanded and price move in opposite directions" is describing the:
a)
labor
b)
market demand
c)
law of demand
d)
law of supply
13.
The demand for turkey during Thanksgiving is:
a)
elastic
b)
inelastic
14.
The demand for inexpensive items that have substitutes is usually:
a)
elastic
b)
inelastic
15.
When the supply and demand of an item are balanced, the items is said to have achieved its:
a)
profit
b)
surplus
c)
shortage
d)
equilibrium price
16.
The supply of umbrellas during the rainy season will
a)
increase
b)
decrease
17.
The demand for umbrellas during the rainy season will:
a)
increase
b)
decrease
18.
Who is credited for the creation of the concept of capitalism?
a)
Adam Smith
b)
Benjamin Franklin
c)
Wesley Adams
d)
Alexander Hamilton
19.
All of the following are factors of production EXCEPT
a)
capital
b)
technology
c)
natural resources
d)
labor
20.
The idea that government should not interfere with the market in most cases is describing:
a)
market economy
b)
command economy
c)
laissez-faire
d)
interference economics
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