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Economics Quest Review

Total questions: 20

Worksheet time: 15mins

Name
Class
Date
1.

Utility is synonymous with what word?

a)

Marketing

b)

Economics

c)

Value

d)

Capital

2.

When a business owner decides to locate their store in a large mall, what kind of utility is being created?

a)

Place

b)

Time

c)

Possession

d)

Value

3.

Which is not a type of utility?

a)

Possession

b)

Place

c)

Time

d)

Price

4.

The difference between a person's unlimited wants and our limited resources is called:

a)

scarcity

b)

economics

c)

value

d)

factors of production

5.

The desks, pencils, and computers used in a school are:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

6.

All of the resources needed to create a product are known as:

a)

inputs

b)

outputs

c)

capitals

d)

values

7.

To measure productivity, we can use the equation:

a)

Outputs/Inputs

b)

Outputs/Value

c)

Resources/Utility

d)

Labor/Outputs

8.

A student decides to take lemons, water, ice, and wood to start a lemonade stand. This would best be characterized as:

a)

Entrepreneurship

b)

Land

c)

Labor

d)

Capital

9.

The teachers in a school can be categorized as:

a)

Capital

b)

Labor

c)

Entrepreneurship

d)

Land

10.

In each 8 hour period, JCPenney sells $11,259 worth of merchandise. On each 8 hour shift, there are 6 employees working. How much does a single employee average per hour?

a)

$1,407.38/hour

b)

$234.56/hour

c)

$1,876.50/hour

d)

None of the answers are correct

11.

This is the type of economic system with the most government control.

a)

Command economy

b)

Mixed economy

c)

Free market economy

d)

Traditional economy

12.

This economic system has about 50% government control.

a)

Mixed economy

b)

Traditional economy

c)

Command economy

d)

Free market economy

13.

In this economic system, buyers and sellers determine what will be produced.

a)

Free market economy

b)

Mixed economy

c)

Seller economy

d)

Command economy

14.

When the demand for a product goes up, we can assume that price will:

a)

drop

b)

rise

c)

stay the same

15.

The price that buyers are willing to pay and sellers are willing to receive is known as:

a)

Equilibrium

b)

Equal price

c)

Bargain price

d)

Cross-point

16.

Economics is the study of:

a)

Land, labor, and capital

b)

How prices affect supply and demand curves

c)

How our limited resources should be used

d)

The value each product has

17.

A bakery takes eggs, flour, milk, and sugar and is able to produce and sell a wedding cake. This shows:

a)

Form utility

b)

Place utility

c)

Time utility

d)

Possession utility

18.

In a 5 hour shift, a cashier at Wal-Mart is able to check out 92 customers. What is his productivity per hour?

a)

18.4 customers/hour

b)

13.5 customers/hour

c)

5.2 customers/hour

d)

Not enough information

19.

Offering customers the ability to pay cash, credit, or a payment plan is known as:

a)

Possession utility

b)

Form utility

c)

Place utility

d)

Time utility

20.

In 45 minutes, a Ford plant can manufacture 4.5 cars. How many cars will the plant produce in a 10 hour day?

a)

60 cars

b)

85 cars

c)

50.5 cars

d)

73 cars