NEW
Font size
WorksheetsEconomics Unit Test Review
Total questions: 30
Worksheet time: 25mins
What is NOT one of the 3 basic economic questions?
What good should be produced?
Who will get the good or service?
How should the good be produced?
How much should the good cost?
There is only one gas station on a highway. If two more gas stations open next to the first, what will happen to the price?
Price will decrease
Price will increase
Price will stay the same
If country X has a large land mass, fertile soil and many farms, what should they specialize in?
Cars
Computers
Agricultural goods
Textiles
Rubber is used to make trees, If a pest kills the rubber trees. What action must the tire producer make in order to deal with the decrease in supply of rubber?
Decrease the price of tires
Increase the price of tires
stop production of tires
increase production of tires
What is it called when many people buy a certain good or service?
Supply
Demand
Production
Market Clearing Price
What is the total amount of a product available for purchase called?
Supply
Demand
Production
Market Clearing Price
What is the main reason that different countries trade with each other?
Different countries specialize in producing different kinds of goods
Different counties have different number of people living in them
Countries share the same banking system
Megan wants to open a new bakery. What would help Megan answer the questions of WHAT to produce?
A magazine listing the price of bakery ovens
A survey showing which baked goods are most popular
An advertisement showing spaces available for rent
Megan wants to open a bakery. What will help her answer the questions of HOW to produce?
A bake sale that the school is hosting.
A survey showing which baked goods are most popular.
An advertisement showing space available to rent.
Which is NOT a factor of production?
Market
Labor
Land
Entrepreneurship
What is a tax on an imported good called?
Tariff
Embargo
Specialization
import Quota
In a ________ economy, individuals follows customs and habits when deciding what/how to produce.
Traditional
Command
Market
Economic
In a ______ economy, the government makes all the key decisions.
Traditional
Command
Market
Mixed
Why are most countries better off specializing in the production of a particular goods, and then trading with other nations.
Transportation costs are lower than they were a century ago.
Resources are not evenly distributed among countries.
Greater investments in capital goods increase productivity.
People have limited resources to satisfy unlimited wants.
What is an example of a service?
X Box
Food
Dentist
Car
What is a natural resource?
Timber
Cars
Desk
Farmer
What type of economy does the USA have?
Command
Mixed
Traditional
Market
Which country in the chart has the most available to export?
United States
Venezuela
Romania
Japan
What category does the picture belong in?
Land
Labor
Capital
What category does this picture belong in?
Land
Labor
Capital
Based on the chart, which countries should trade in agricultural products and fuel and mining products?
Mexico and Australia
US and Australia
US and Saudi Arabia
Saudi Arabia and Mexico
What category does this picture belong in?
Land
Labor
Capital
Which has the largest population?
East China
Northeast China
North China
Northwest China
Which has the largest number of oil deposits in China?
East China
Northwest China
North China
Southwest China
Which region has the largest number of coal mines?
East China
Northeast China
North China
Northwest China
What factor of production does oil fall into?
Land
Labor
Capital
Entrepreneur
Describe the meaning of Scarcity.
Many
Whole
Abundance
Limited
When a country can do the job better/faster/cheaper than others, they tend to _____________ in that product.
Market
Specialize
Locate
Demand
If supply of strawberries goes down, what happens to the price of strawberry pie?
Increase
Decrease
Stays the same
If demand decreases for an item, what happens to the price?
Increase
Decrease
Stays the same
