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Worksheetschoices in economics
Total questions: 31
Worksheet time: 3hrs 35mins
What is a want, rather than a need?
food
a video game
clothing
According to the law of supply, what occurs when the price of an item rises?
people will buy more of it
the supply will increase
the demand will increase
In economics, the sacrifice that is made when you choose one good or service but NOT another is known as
Opportunity cost
import
export
According to the law of supply, what incentive does a rise in an item’s price offer to a producer?
to produce less of the item
to produce the same amount of the item
to produce more of an item
In economics, specialization has a relationship to which of the following?
demand
profit
productivity
In the Southern colonies, which of the following is the clearest example of specialization?
cotton plantations
shipbuiding
newspaper publishing
Which of the following is a good example of voluntary exchange?
balanced budget
barter system
law of demand
For a voluntary exchange to work, it is necessary
that both trader feel they are willing and are better off because of the exchange.
that both traders use the same type of money
that the trader exchange goods that are worht different amounts
Trade promotes economic activity because
It makes unevenly distributed goods and services more available to buyers and sellers.
it relies on a barter system
it increases supply and reduces demand
Which statement about specialization is true?
it has no relationship to supply and demand
it can increase productivity
it always involves a vonluntary exhange
Which of the following correctly defines “technology”?
a complex equations in mathematics
the use of science and inventions to imporove everyday life
a simplest method of getting a particular job done
_______ occurs when people want or need more of something than ther is
economics
goods
scaricity
____ are items that prople buy, such as a bood, car, or a computer
need
want
goods
____ is something necessary, like food, water, shelter and clothing.
need
want
scaricity
___ is the study of how people choose to use resources
goods
scarcity
economics
____ are work done for other people for a fee
economics
services
want
____ is the money that remains after all the costs of a production have been paid
supply
trade-off
profit
____ is the ability and willingness of sellers to make products and services available for sale
supply
profit
opportunity cost
_____ is a facotry system in which a workier makes only part of a product
supply
demand
assembly line
______ the choice of doing one thing rather than another
opportunity cost
trade-off
supply
____ is the amount of goods and services that buyers are willing to buy
demand
supply
profit
____ the sacrifice that is made when a person chooses between other goods or services
profit
opportunity cost
demand
____ is the choice by an individual, a business or a country to produce certain items as opposed to others.
technology
voluntary exchange incentive
specialization
____ is the amount of goods and services that a person or business can produce in any given time span.
productivity
barter system
incentive
____ is the use of science and inventions to improve everyday life
barter system
productivity
technology
____is when the price of an item rises, so does that supply.
law of supply
productivity
barter system
_____ is something that encourages a person to take a certain action.
law of supply
barter system
incentive
____ when items of equal value are exchanged back and forth.
productivity
specialization
barter system
