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WorksheetsEconomics Form. Quiz 2
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Economics is the study of how people satisfy their ________ and _________ with scarce resources
a)
Ambitions and Wants
b)
Wants and Wishes
c)
Needs and Wants
d)
Needs and Necessities
2.
The branch of Economics that focuses on the performance and decision making of a whole economy, such as the United States or Japan
a)
Macroeconomics
b)
Microeconomics
c)
International Economics
d)
Freakonomics
3.
A method used by societies to produce and distribute goods and services is called a/an
a)
Capitalistic System
b)
Economic System
c)
Market System
d)
Centrally Planned System
4.
Which of the following is NOT one of the 3 Economic Questions that an Economic System must answer?
a)
What Goods and Services to Produce?
b)
How to produce the Goods and Services?
c)
Who will consume the Goods and Services ?
d)
Where to store the Goods and Services?
5.
A place where goods and services are sold is a / an
a)
Market
b)
Brokerage Firm
c)
Exchange
d)
Index
6.
Market economic systems emphasize which of the following
a)
Government Decision Making
b)
Competition and Individual decision making
c)
Decision making based on traditions and habits
d)
Central Planning
7.
The United States is best categorized as which of the following economic systems?
a)
Market Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Centrally Planned Economy
8.
Which of the following economic systems has the "Invisible Hand", self interest and competition regulating the economy
a)
Centrally Planned Economy
b)
Traditional Economy
c)
Market Economy
d)
None of the these
9.
Which of the following has the government answering the 3 economic questions?
a)
Centrally Planned Economy
b)
Market Economy
c)
Traditional Economy
d)
Mixed Economy
10.
The branch of economics that focuses on individuals and individual firms and how they use their scarce resources to satisfy their needs and wants.
a)
Macroeconomics
b)
Microeconomics
c)
International Economics
d)
Freakonomics
11.
The Law of Demand states that if the price of a good or service rises, the quantity that is demanded
a)
Will remain the same
b)
will decrease
c)
will increase
d)
will do something, but who knows what?
12.
Quantity Demand is the amount that is demanded at a
a)
given time
b)
given place
c)
given price
d)
bus station
13.
If the whole Demand curve shifts to the right, that means that at every price consumers want
a)
more of that good or service
b)
less of that good or service
14.
If a new scientific study comes out that the cereal, Lucky Charms, significantly decreases a person's chances of a heart attack, what will happen to the demand for Lucky Charms?
a)
Demand will decrease, along with price
b)
Demand will decrease, but prices will increase
c)
Demand will increase, but prices will decrease
d)
Demand will increase and prices will increase
15.
A complement is a good that
a)
can be used in place of another good
b)
is a good that is used along with another good
c)
that makes you feel proud
d)
could also be a service
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