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Worksheets2026 Economics I Test Review
Total questions: 39
Worksheet time: 28mins
Tools and machinery are what type of resources?
human
capital
natural
entreprenurship
The interaction of supply and demand always affect....
investment
price
income
In what type of business is an owners liability limited to the amount they invested in the business?
proprietorship
partnership
corporation
What are the factors of production called?
consumers
supply
resources
Canaway's Cones sold $3,000 in ice cream and paid $1,000 in supplies, employees and taxes. What is the remaining $2,000 called?
profit
economics
price
income
When the demand for a product is high, the price will be...
high
low
unchanged
The type of economy a country has depends on the amount of ________.
consumer choice
government involvement
business profit
The inability to satisfy all wants and needs is known as..
scarcity
productivity
surplus
Jonathan only had $20 but wanted two items. He chose the ear buds instead of the new shorts. What was his opportunity cost?
$20
shoes
ear buds
shorts
On the day of the grand opening of Kellum's Electronics store, fifty people are waiting in line to buy the newest television. What is the demand?
the tv
Kellum's
fifty people
In which economy does the government control SOME industries for the public?
traditional
free market
command
mixed
In which type of business does the stockholders share profits, acts as a legal entity (person) and have limited liability?
sole proprietorship
partnership
corporation
Which economy has lack of consumer choice?
free market
mixed
command
Which type of economy does individuals and businesses share in economic decision making?
mixed
traditional
command
market
What is NOT true about a mixed economy?
competition
consumer choice
profit motive
centrally planned
What business is like a corporation?
McDonald's
Paul's Hot Dog Stand
David and Daniels Law Firm
What is produced, How is production organized, How are good distributed, and What is the most effectiveway to distribute the factors of production?
These are the basic ...
Factors of Production used in all countries
Scarcity Questions entrepreneurs must answer
Economic Questions all countries must ask
The United States economy is a ____ economy.
free market
command
traditional
mixed
What type of economy is centrally planned?
free market
traditional
command
mixed
A proprietorship has how many owners?
one
two
three
none
One factor of production that takes a risk to start his or her own business is called ...
natural resource
capital resource
entrepreneur
free market
Who decides " how to produce" and "what to produce" and "what prices will be" in a command economy? (a)
In a market economy, who primarily decides what goods and services should be produced?
The government
Consumers
Large corporations
International trade partners
What best describes a mixed economy?
An economy that incorporates elements of both market and command economies.
An economy that relies solely on government control.
An economy that is entirely based on free market principles.
An economy that has no regulation or oversight.
What is the role of government in a free market economy?
shared decision making with consumers and entrepreneurs
complete control over all economic decision
little to none
Do all choices have opportunity costs?
YES
No
Combining all of your resources to make a product or provide a service is known as..
scarcity
consumption
production
opportunity cost
Where supply and demand meet/intersect to give a fair price is called....
opportunity cost
equilibrium point
scarcity
point of inflation
When prices change, buyers are willing to change the __________ they are willing to buy.
quanitity
price
quality of products
type of coupons
The amount of agood or service that PRODUCERS are willing and able to sell at a certain price is the LAW OF ....
demand
supply
The amount of a good or service that CONSUMERS are willing and able to buy at a certain price is called the LAW OF ...
DEMAND
SUPPLY
The key factor in determining the type of economy a coutry has is the amount of ____________ influence on the decision making.
PRODUCER
CONSUMER
GOVERNMENT
How many different types of economies are there?
1
2
3
4
Turkeys for Thanksgiving are raised on poultry farms. If the Bird Flu hits and kills most of the turkeys, (a) and the (b) .
We find a new gas reservoir and decide to drill it. Because of this, the (a) and the (b) .
Label the Supply line, the Demand line and equilibrium.
Supply
Demand
Equilibrium
Buying and using goods and services is known as ..
Supply
Entreprenurship
Production
Consumption
(a) is the amount of a good being produced.
Prices will (a) if demand is high.
