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WorksheetsIntro to Business-Chapter 1
Total questions: 12
Worksheet time: 9mins
Name
Class
Date
1.
Tangible products you can purchase to meet your wants and needs are called goods.
a)
true
b)
false
2.
When you decide to buy a jacket instead of a concert ticket, you are making a trade-off
a)
true
b)
false
3.
Capitalism is another name for a traditional economic system.
a)
true
b)
false
4.
Competition forces businesses to search for new ways to satisfy customers’ wants and needs
a)
true
b)
false
5.
The market price for a product is the point where demand exceeds supply.
a)
true
b)
false
6.
The basic economic problem is
a)
having unlimited wants and needs but limited economic resources
b)
deciding what goods and services to produce
c)
identifying the goods and services available to you
d)
determining how to satisfy needs and wants.
7.
An important principle of the U.S. economic system is
a)
the right to private property
b)
the freedom of choice
c)
competition
d)
all of the above
8.
If freezing weather damages orange crops in Florida
a)
the demand for oranges will decrease
b)
the price of oranges will increase
c)
the supply of oranges will remain unchanged
d)
the price of orange juice will decrease.
9.
Water, air, and minerals are examples of
a)
consumer resources
b)
natural resources
c)
human resources
d)
capital resources
10.
If you decide to purchase a DVD of your favorite movie instead of a pair of jeans, the value of the jeans is the
a)
market price
b)
profit
c)
opportunity cost
d)
trade-off price
11.
Resources are owned and controlled by the people of the country.
a)
mixed economy
b)
command economy
c)
traditional economy
d)
market economy
12.
Workers often use hand tools and readily available natural resources
a)
command economy
b)
traditional economy
c)
market economy
d)
mixed economy
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