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Worksheetseconomics rally
Total questions: 79
Worksheet time: 57mins
Name
Class
Date
1.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
2.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
3.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
4.
An economic system in which decisions on productions and consumption are made by a central government:
a)
Command
b)
Market
c)
Traditional
d)
Mixed
5.
The USA has mostly a _____________ economy.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
6.
Most communist countries have a _______________ economy.
a)
Command
b)
Market
c)
Traditional
d)
Mixed
7.
The point at which supply and demand are equal for a product is known as
a)
the demand curve
b)
the supply curve
c)
the market price
d)
supply and demand are never equal
8.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
9.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
10.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
11.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
12.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
13.
A group of buyer and sellers of a particular good or service
a)
Supply
b)
Demand
c)
Agency
d)
Market
14.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
15.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
16.
The human factor of production is
a)
Capital
b)
Land
c)
Labor
d)
All of these
17.
The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
a)
GDP
b)
GNI
c)
GDP per capita
d)
HDI
18.
What are the four types of economies?
a)
command, demand, capitalist, communism
b)
traditional, command, market, mixed
c)
mixed, market, traditional, primary
d)
None of the above
19.
What are the four types of economic activities?
a)
primary, secondary, tertiary, quaternary
b)
primary, locus, tert, secondary
c)
quaternary, primal, opid, tertiary
d)
None of the above
20.
he total value of goods and services produced in a country in a year, divided by number in the population
a)
GNI per capita
b)
PPP per capita
c)
GDP per capita
d)
Production
21.
When you make a choice and give something up, what do we call the thing you give up?
a)
scarcity
b)
opportunity cost
c)
benefits
d)
economics
22.
If there is not enough of what you need or want we say there is .....
a)
a good
b)
a service
c)
a resource
d)
a scarcity
23.
When people depend on other people to provide goods and services this is an example of...
a)
communication
b)
transportation
c)
specialization
d)
interdependence
24.
What are human resources?
a)
things from nature we use to make goods
b)
the machines, tools, and buildings used to make goods
c)
the workers that produce goods
25.
What are capital resources?
a)
things from nature used to produce goods
b)
the machines, tools, and buildings used to produce goods
c)
the people used to produce goods
26.
An example of a producer is...
a)
someone buying groceries
b)
someone making jewelry to sell
c)
someone putting gas in their car
27.
Specialization is...
a)
concentrating on one product or service
b)
making and selling many different things
c)
depending on others to provide goods and services
28.
Economic choice is...
a)
the choice between two things
b)
money earned for work
c)
not enough supplies
d)
the choice that is given up when a decision is made
29.
An example of opportunity cost is...
a)
I need groceries and the grocery store needs money
b)
I need a haircut and the hairdresser needs me to teach
c)
leaving behind the blue shirt and picking the red
30.
What is demand?________________________________________
a)
The amount of a particular economic good or service that a consumer uses
b)
The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
c)
The amount a producer supplies.
d)
The price of a good or service at a particular time.
31.
What is supply?_________________________________________
a)
Supply is the amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
b)
A supply is the price of a resource.
c)
Supply is a product.
d)
A supply is the amount or availability of a resource.
32.
What is Scarcity? _______________________________________
a)
People must make choices.
b)
Scarcity means that there are unlimited resources, and therefore, people don't have to make decisions.
c)
Scarcity means that there are limited resources, and therefore, people must make choices.
d)
Scarcity means that there is a surplus of resources, and therefore, people have more than enough resources.
33.
__________________________ is when people depend on one another.
a)
INTERDEPENDENCE
b)
DEPENDENT
c)
SPECIALIZATION
d)
INDEPENDENCE
34.
What happens when the supply decreases but the demand increases for a product?
a)
The price falls
b)
The price stays the same
c)
The price goes up
d)
The price drops
35.
What is global economic interdependence?
a)
When one country rules over another
b)
Cultural diffusion
c)
When two countries depend on each other for resources or goods
d)
When two countries go to war
36.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
37.
Type of Economy that is half command and half market
a)
Traditional
b)
Command
c)
Market
d)
Mixed
38.
If the supply of a good is higher than the demand, what happens to the price?
a)
It stays the same
b)
Price goes down
c)
Price goes up
d)
It's FREE!!
39.
If there is no competition in your market, how would that impact your business?
a)
You could charge more for your product
b)
You would make more
c)
You would hire more employees
d)
You would charge less for your product
40.
True or False? When Life expectancy is high, median age is also high.
a)
True
b)
False
41.
New technology that increases the speed of production would have what impact on the prices of goods?
a)
Prices would lower
b)
Prices would increase
c)
Prices would stay the same
d)
Business would close
42.
Interdependence means
a)
One country depends on another
b)
Two countries depend on another country
c)
Two countries economies rely on each other
d)
Taxes are higher
43.
Type of Economy where supply and demand determine prices with little government intervention
a)
Command
b)
Market
c)
Mixed
d)
Traditional
44.
Which statement is true?
a)
The population decreased from 1951 - 1991.
b)
The literacy rate is lower in 1991 than it was in 1951.
c)
The birth rate has incresed from 1951-1991.
d)
The literacy rate is higher in 1991 than it was in 1951
45.
Why might a store decrease their prices?
a)
store is doing really well
b)
supply went down
c)
demand went up
d)
demand went down
46.
A country like North Korea, where the government makes all decisions, has a...
a)
Command Economy
b)
Traditional Economy
c)
Market Economy
d)
Mixed Economy
47.
This type of economy has little government control or interference.
a)
Traditional
b)
Command
c)
Market
d)
Anarchy
48.
This type of economy hands down trades through generations or people and produces the same things in the same way that it was produced through their ancestors.
a)
Traditional
b)
Command
c)
Market
d)
Anarchy
49.
In a market economy who decides what is produced?
a)
Producers and Consumers
b)
Government
c)
Tradition. We have always created this.
d)
No one.
50.
Which of the following are MAIN characteristics consumers consider when making a purchase?
a)
supply and demand
b)
scarcity and competition
c)
price and quality
d)
incentives and competition
51.
_______________ are the two main characteristics that can drive price changes.
a)
price and quality
b)
supply and demand
c)
size and location
52.
The sugar needed to make cookies suddenly rises in price. What will happen to the price of cookies?
a)
the price will fall
b)
the price will rise
53.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
54.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
55.
Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market?
a)
Pesticides on apples linked to mouth cancer.
b)
Storms destroy apple orchards.
c)
An apple a day really does keep the doctor away.
d)
New genetic strain leads to apple trees that produce twice as many apples.
56.
The plastic hairspray companies use to make their bottles becomes cheaper. What would happen to water bottles?
a)
Increase Supply
b)
Increase Demand
c)
Decrease Supply
d)
Decrease Demand
57.
Technology used to make cars improves. This will cause..
a)
Supply to Increase
b)
Demand to increase
c)
Supply to Decrease
d)
Demand to Decrease
58.
The government raises taxes on cigarette companies. This will..
a)
Increase Demand
b)
Increase Supply
c)
Decrease Demand
d)
Decrease Supply
59.
Producers expect that the prices of their towels will increase in the summer. What will happen now?
a)
Increase Demand
b)
Increase Supply
c)
Decrease Supply
d)
Decrease Demand
60.
Restaurants begin to go out of business in Richmond. What happens to restaurant food?
a)
Increase Supply
b)
Increase Demand
c)
Decrease Supply
d)
Decrease Demand
61.
Coke raises their prices. What will happen to Pepsi?
a)
Increase Demand
b)
Increase Supply
c)
Decrease Demand
d)
Decrease Supply
62.
Iphones become more expensive. What will happen to Iphone covers?
a)
Increase Demand
b)
Increase Supply
c)
Decrease Demand
d)
Decrease Supply
63.
People move away from San Fransisco as it becomes too expensive. What happens to houses in SF?
a)
Increase Demand
b)
Increase Supply
c)
Decrease Demand
d)
Decrease Supply
64.
Amazon opens up a store in Richmond that employs many people. People are making more money. What happens to houses?
a)
Increase Demand
b)
Decrease Demand
c)
Increase Supply
d)
Decrease Supply
65.
Cardi B is trending. What happens to her music?
a)
Increase Supply
b)
Decrease Supply
c)
Increase Demand
d)
Decrease Demand
66.
Consumers expect the price of towels to rise in the summer. What happens to towels?
a)
Increase Demand
b)
Decrease Demand
c)
Increase Supply
d)
Decrease Supply
67.
If farmers stopped growing potatoes because it was too hard, this would cause the ___________ curve for Grippo's to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
68.
If Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
69.
If people knew we were going to war with Saudi Arabia, and thought this would make gas prices triple in three months, how would this affect demand of gas now?
a)
It would increase
b)
It would decrease
c)
N/A
d)
N/A
70.
If sandals suddenly became very popular, what would happen to the market for basketball shoes? This would cause the ___________ curve for basketball shoes to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
71.
When CDs became popular, people stopped listening to tape cassettes. This caused the ___________ curve for tape cassettes to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
72.
If a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
73.
If the equilibrium price of a taxi ride is $30, but a taxi company tried to charge $40 for rides, this would result in a ________________ in taxis because supply is ___________ than demand.
a)
shortage.......lower
b)
shortage.....higher
c)
surplus.......lower
d)
surplus......higher
74.
If the equilibrium price of bananas is $2/lb, but Kroger charged $1/lb for them, this would result in a ________________ in bananas because supply is ___________ than demand.
a)
shortage.......lower
b)
shortage......higher
c)
surplus........lower
d)
surplus.......higher
75.
If the equilibrium price of meatloaf is $5/lb, but Kroger charged $4/lb for it, this would result in a ________________ in meatloaf because supply is ___________ than demand.
a)
shortage.......lower
b)
shortage......higher
c)
surplus........lower
d)
surplus.......higher
76.
If the equilibrium price of beer is $5, but Kroger charged $8 for it, this would result in a ________________ in beer because supply is ___________ than demand.
a)
shortage.......lower
b)
shortage......higher
c)
surplus........lower
d)
surplus.......higher
77.
If the equilibrium price of computers is $800, but Apple charged $1,000 for them, this would result in a ________________ in copmuters because supply is ___________ than demand.
a)
shortage.......lower
b)
shortage......higher
c)
surplus........lower
d)
surplus.......higher
78.
Which graph below shows the DEMAND CURVE?
a)
A
b)
B
c)
C
d)
D
79.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
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