WorksheetsEconomics Quest Review
Total questions: 20
Worksheet time: 15mins
Utility is synonymous with what word?
Marketing
Economics
Value
Capital
When a business owner decides to locate their store in a large mall, what kind of utility is being created?
Place
Time
Possession
Value
Which is not a type of utility?
Possession
Place
Time
Price
The difference between a person's unlimited wants and our limited resources is called:
scarcity
economics
value
factors of production
The desks, pencils, and computers used in a school are:
Land
Labor
Capital
Entrepreneurship
All of the resources needed to create a product are known as:
inputs
outputs
capitals
values
To measure productivity, we can use the equation:
Outputs/Inputs
Outputs/Value
Resources/Utility
Labor/Outputs
A student decides to take lemons, water, ice, and wood to start a lemonade stand. This would best be characterized as:
Entrepreneurship
Land
Labor
Capital
The teachers in a school can be categorized as:
Capital
Labor
Entrepreneurship
Land
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?
$1,407.38/hour
$234.56/hour
$1,876.50/hour
None of the answers are correct
This is the type of economic system with the most government control.
Command economy
Mixed economy
Free market economy
Traditional economy
This economic system has about 50% government control.
Mixed economy
Traditional economy
Command economy
Free market economy
In this economic system, buyers and sellers determine what will be produced.
Free market economy
Mixed economy
Seller economy
Command economy
When the demand for a product goes up, we can assume that price will:
drop
rise
stay the same
The price that buyers are willing to pay and sellers are willing to receive is known as:
Equilibrium
Equal price
Bargain price
Cross-point
Economics is the study of:
Land, labor, and capital
How prices affect supply and demand curves
How our limited resources should be used
The value each product has
A bakery takes eggs, flour, milk, and sugar and is able to produce and sell a wedding cake. This shows:
Form utility
Place utility
Time utility
Possession utility
In a 5 hour shift, a cashier at Wal-Mart is able to check out 92 customers. What is his productivity per hour?
18.4 customers/hour
13.5 customers/hour
5.2 customers/hour
Not enough information
Offering customers the ability to pay cash, credit, or a payment plan is known as:
Possession utility
Form utility
Place utility
Time utility
In 45 minutes, a Ford plant can manufacture 4.5 cars. How many cars will the plant produce in a 10 hour day?
60 cars
85 cars
50.5 cars
73 cars
