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First Nine Weeks Review-Economics

Total questions: 75

Worksheet time: 41mins

Name
Class
Date
1.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
2.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
3.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
4.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
5.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
6.
A person who makes goods or provides a service 
a)
goods 
b)
service producer 
c)
producer
d)
consumer 
7.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
8.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
9.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
10.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
11.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
12.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
13.
Resources that are made by people to make other things.
a)
Renewable Resources
b)
Capital Resources
c)
Human Resources
d)
Natural Resources
14.
Resources that can't be replaced like oil, gold, and silver.  Once they are taken out of the ground, they can't grow back or be replaced.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Natural Resources
15.
When it costs more to make a good than what you sell the good for.
a)
Loss
b)
Profit
c)
Tax
d)
Service
16.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
17.

Keeping your money to use later is called _________________.

a)

want

b)

technology

c)

shelter

d)

saving

18.

Farmers grow crops to sell. Farmers are __________.

a)

consumers

b)

producers

19.
How would a free market economy be described?
a)
An economy in which decisions are made by the government.
b)
The international exchange of goods.
c)
An economy based on supply and demand with little or no government control
d)
An economy that is communist
20.

an economy where the means of production are privately owned and based on seeking profit

a)

communism

b)

socialism

c)

capitalism

d)

egocentrism

21.

Karl Marx’s idea of an equal society without social classes- everyone would share the factors of production

a)

Capitalism

b)

Imperialism

c)

Communism

d)

Mercantilism

22.

laissez- faire economist and “father of modern economics” wrote a book Wealth of Nations about free market capitalism

a)

Karl Marx

b)

Adam Smith

c)

Friedrich Hayek

d)

John Forbes Nash

23.
How does socialism differ from capitalism?
a)
In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
b)
In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
c)
In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
d)
In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
24.
According to the law of supply and demand, how does over-manufacturing of a product affect the price?
a)
Over-manufacturing reduces the price of a product.
b)
Over-manufacturing creates jobs to improve the economy.
c)
Over-manufacturing raises prices to offset production costs.
d)
Over-manufacturing leads to peaks in the business cycle.
25.

an economy where the means of production are privately owned and based on seeking profit

a)

communism

b)

socialism

c)

capitalism

d)

egocentrism

26.

laissez- faire economist and “father of modern economics” wrote a book Wealth of Nations about free market capitalism

a)

Karl Marx

b)

Adam Smith

c)

Friedrich Hayek

d)

John Forbes Nash

27.

What is economics?

a)

The study of money flow in an economy

b)

The study of people and their choices

c)

The study of supply and demand

d)

The study of consumers and producers

28.

Supply would be defined as...

a)

The specific amount of product you need to start a business

b)

The amount of money you made after selling a product

c)

The specific amount of a good or service that is available to consumers

d)

The stuff you need in order buy... stuff

29.

A producer would best be described by...

a)

A person, business or country that consumes products others sell

b)

A business that creates everything

c)

A person, business or country that contributes to the economy

d)

A person, business or country that creates goods or services for sale

30.

When producers are free to decide what to produce, and consumers are free to buy whatever they need and want is known as what type of economy?

a)

Free Economy

b)

Market Economy

c)

Command Economy

d)

American Economy

31.

What two things will competition always lead to in a market economy?

a)

Innovation and lower prices

b)

Innovation and higher prices

c)

More incentives and higher profit

d)

Less incentives and lower profit

32.

When their is a limited amount of resources available

a)

Supply

b)

Command Economy

c)

Opportunity Cost

d)

Scarcity

33.

This is the idea that consumers will want or need what they are offering- the thing that motivates them.

a)

Innovation

b)

Competition

c)

Incentive

d)

Demand

34.

The benefit you give up by choosing to do one thing instead of another

a)

Opportunity Cost

b)

Profit

c)

Scarcity

d)

Producers

35.

The benefit you give up by choosing to do one thing instead of another

a)

Opportunity Cost

b)

Profit

c)

Scarcity

d)

Producers

36.

Where the government decides what will be produced, how much will be produced, and how much goods and services will cost.

a)

Free Trade Economy

b)

Authoritarian Economy

c)

Command Economy

d)

Market Economy

37.
Economic system where government controls everything.
a)
Market
b)
Command
c)
Mixed
d)
Free Enterprise
38.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
39.
Type of Economy that is half command and half market
a)
Traditional
b)
Command
c)
Market 
d)
Mixed
40.
Type of economic system where there is no government control.
a)
Mixed
b)
Market
c)
Free Enterprise
d)
Command
41.
Capitalism is most closely related to which type of economic system?
a)
Command
b)
Traditional
c)
Free Enterprise
d)
Mixed
42.
An increase in competition would have what effect on price?
a)
Price goes up
b)
Price stays the same
c)
Price goes down
d)
It explodes
43.
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
44.
Which of these jobs is involved in production?
a)
Secretary
b)
Factory worker
c)
Truck driver
d)
Zoo keeper
45.
What is consumption?
a)
How a good is moved
b)
How a good is created
c)
How a good is used
d)
How a good is destroyed
46.
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
47.
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
48.
Type of Economy where Supply and demand determine prices with little gov intervention
a)
Command
b)
Market
c)
Mixed
d)
Traditional
49.

How much consumers are able and willing to pay for a product

a)

demand

b)

supply

c)

competition

d)

consumer

50.
What will probably happen if something people want to buy is scarce?
a)
The price will go up.
b)
The price will go down.
c)
You will be able to get it for free.
51.
Generally speaking, the lower the price, the greater the quantity demand.
a)
True
b)
False
52.
Which economic system is controlled by the GOVERNMENT?
a)
Command
b)
Market
53.
When mowing grass the mower is an example of a _______________ resource.
a)
Natural
b)
Human
c)
Capital
d)
None of these
54.
Having more of a product than what is demanded
a)
Surplus
b)
Shortage
c)
Scarcity
d)
Demand
55.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes are was hight but the demand was low.
b)
Supply for the Nikes was low but demand was high.
56.
If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?
a)
The demand for asparagus will go down.
b)
The price of asparagus will go up.
57.
Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).
a)
Disadvantage of Traditional Economy
b)
Disadvantage of Market Economy
58.
Which is an example of a capital resource?
a)
boats
b)
 timber (wood)
c)
physicians
d)
merchants
59.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
60.
The U.S. sells many cars in Germany.  This means that the U.S. sends cars to Germany.  These care are considered
a)
Imports
b)
Exports
61.
A trade barrier that puts a tax on imports is called
a)
Tariff
b)
Embargo
c)
Quota
62.
The value of goods and services that a country produces in one year and which also determines the wealth of a country is called
a)
Profit
b)
GDP
c)
Imports
d)
Exports
63.
When 2 business owners produce the same product and both try to make the greatest profit, this is called
a)
Credit
b)
Competition
c)
Factors of Production
d)
Supply and Demand
64.
Supply is the amount of goods that are available at a given time. If there is ___  of something available for sale, the supply is ___. 
a)
a lot, low
b)
few, high
c)
a lot, high
65.
Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____.
a)
many, high demand
b)
aren't many, high demand
c)
aren't many, low demand
d)
many, low demand
66.
Markets are the means by which buyers & sellers carry out exchange.
a)
True
b)
False
67.
Scarcity arises because all societies have
a)
limited productive resources to satisfy unlimited wants
b)
unlimited productive resources to satisfy limited wants
c)
limited needs and unlimited wants
d)
unlimited needs and limited wants
68.
A supply curve and a demand curve are usually parallel. 
a)
True
b)
False
69.
As the price of a product increases, businesses will produce more of that product if possible. 
a)
True
b)
False
70.
Consumers will pay more for a product if the supply of that product increases. 
a)
True
b)
False
71.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
72.
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
73.
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
74.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
75.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus

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