WorksheetsEconomics Practice
Total questions: 40
Worksheet time: 37mins
Name
Class
Date
1.
Mr E goes to the ticket booth to buy tickets for a Cavs game. Mr. E is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
2.
Which situation is most likely to lead to the lowest prices?
a)
There is only one producer making the good.
b)
Businesses secretly agree to share their profits.
c)
Competition between businesses is prohibited.
d)
Several producers compete to sell goods to the public.
3.
When companies compete in a market economy, what is usually the result?
a)
Consumers are able to buy goods for the best available price.
b)
People pay much higher prices for goods.
c)
There are frequent shortages of goods on the market.
d)
Producers refuse to sell some of their products.
4.
Actions that people perform for others, including things such as piano lessons, haircuts, and airplane trips -things you cannot actually touch or hold.
a)
Goods
b)
Services
c)
Scarcity
d)
Available
5.
Limited availability of resources/not enough of something.
a)
Goods
b)
Services
c)
Scarcity
d)
Available
6.
Something you would like to have but do not need.
a)
Scarcity
b)
Available
c)
Want
d)
Need
7.
Something you have to have to survive!
a)
Scarcity
b)
Available
c)
Want
d)
Need
8.
The amount of an item that someone has to sell.
a)
Need
b)
Supply
c)
Demand
d)
Import
9.
The amount of an item that consumers are willing to buy at different prices.
a)
Need
b)
Supply
c)
Demand
d)
Import
10.
Government rulers tell members of society how the fundamental questions will be answered.
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Chicken Economy
11.
People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge.
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Cheese Economy
12.
People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Chili Economy
13.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
14.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
15.
In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
16.
What happens if demand increases?
a)
Price increases; quantity increases
b)
Price decreases; quantity increases
c)
Price increases; quantity decreases
d)
Price decreases; quantity decreases
17.
What happens if supply increases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
18.
What happens if supply decreases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
19.
In which kind of economy do supply and demand determine the price of goods and services?
a)
Market Economy
b)
Command Economy
c)
Mixed Economy
d)
Traditional Economy
20.
If the cost of computers falls, then…
a)
the demand for computers goes up.
b)
the supply of computers goes up.
c)
none of the choices
d)
the demand for computers goes down.
21.
Which of the following could cause the demand for airline travel to decrease?
a)
The price for traveling by airplane decreases
b)
The price of traveling by airplane remains the same
c)
The price for traveling by airplane increases
d)
None of the choices
22.
Movie ticket prices increase. What happens to the demand?
a)
The demand goes up.
b)
The demand goes down.
c)
The demand stays the same.
23.
This celebrity has the most Twitter followers, with nearly 86 million!
a)
President Obama
b)
Katy Perry
c)
Taylor Swift
d)
Justin Bieber
24.
What is the award-winning AMC series "The Walking Dead" about?
a)
Survivors of a zombie apocalypse
b)
A group of young vampires who terrorize a small city
c)
Rebels in a dystopian society where books are outlawed
d)
Survivors of a Rapture-like even where half of humanity disappears
25.
Which actor portrays Captain America?
a)
Chris Evans
b)
Chris Rock
c)
Chris Allen
d)
Chris O'Donnell
26.
What was Pixar’s first movie?
a)
Toy Story
b)
A Bug's Life
c)
Finding Nemo
d)
Cars
27.
What letter is the only letter that does not appear in the name of a US state?
a)
Y
b)
X
c)
Z
d)
Q
28.
Which Disney princess movie takes place in the United States?
a)
Sleeping Beauty
b)
The Princess and the Frog
c)
Cinderella
d)
Tangled
29.
Who is this?
a)
Mr. Wookiee
b)
Hans Solo
c)
Chewbacca
d)
Darth Vader
30.
Who does Johnny Depp play in the Pirates of the Caribbean films?
a)
Captain Nemo
b)
Blackbeard the Pirate
c)
Spongebob
d)
Captain Jack Sparrow
31.
Which boy band was Justin Timberlake in?
a)
Nsync
b)
Backstreet Boys
c)
One Direction
d)
98 Degrees
32.
How many licks does it take to get to the center of a Tootsie Pop?
a)
~478
b)
~287
c)
The world will never know.
d)
OVER 9000!
33.
This popular singing competition features a set of 4 celebrity judges who sit with their backs to contestants when they audition for a spot on their team. If they like what they hear, they turn around.
a)
The Voice
b)
American Idol
c)
America's Got Talent
d)
The Four
34.
This hit TV show on FOX follows a group of teens as they compete in singing competitions, and deal with the everyday dramas of high school and now college.
a)
Pretty Little Liars
b)
Glee
c)
Sing!
d)
American Idol
35.
Which of these is NOT a Guardian of the Galaxy?
a)
Star-Lord
b)
Gamora
c)
Drax
d)
Loki
36.
Eleven from "Stranger Things" absolutely LOVES these frozen waffles:
a)
Eggo
b)
Ritz
c)
Triscuit
d)
Jimmy Dean
37.
Which fast food restaurant tells you to "think outside the bun?"
a)
Taco Bell
b)
Wendy's
c)
Q-Doba
d)
Arby's
38.
Bubble Bass accuses Spongebob of forgetting what ingredient on his Krabby Patty?
a)
The pickle
b)
The special sauce
c)
The patty
d)
The ketchup
39.
Which one of these characters is NOT one of the Backyardigans?
a)
Tyrone
b)
Uniqua
c)
Pablo
d)
Sharpay
40.
Which one of these is NOT one of the Teenage Mutant Ninja Turtles?
a)
Michaelangelo
b)
Leonardo
c)
Donatello
d)
Magellan
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