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WorksheetsECONOMICS REVIEW
Total questions: 50
Worksheet time: 50mins
Which of these is a basic need?
video game
food
BMW 3 series car
TV
Which of these is a want (not a need)?
i-pod
shelter
water
clothing
What are the Factors of Production?
traditional, market, communist
money, money, money
hard-working, risk-taking, bank account
land, labor, capital
Which factor of production is shown here?
land
labor
capital
What are the resources needed to produce all goods and services?
stocks
factors of production
needs and wants
winning lotto tickets
Which economic system is based on habits, customs, and mostly trading?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
Which economic system is based on the government making all of the economic decisions?
Mean Guy Economy
Mixed Economy
Command Economy
Traditional Economy
What is an economic system in which the people make economic decisions but the government does play a role in making laws they have to follow?
Mixed Economy
Market Economy
Command Economy
Traditional Economy
When people get to decide what they want to buy or sell and for how much, it is called a...
forced exchange
ebay exchange
command economy
voluntary exchange
When there is not enough supply of a product for a temporary amount of time, it is called a....
scarcity
shortage
Having a limited number of resources to produce the things that people need and want is called...
shortage
scarcity
monopoly
drippy faucet
The desire to buy something and the ability to pay for it is known as...
supply
demand
The amount of goods available to buy is....
supply
demand
Which of these is the Law of Demand?
The higher the price, the higher the demand.
The lower the price, the lower the demand.
The higher the price, the more people will buy.
The lower the price, the more people will buy.
Which of these is the Law of Supply?
As the price goes up, the supply will decrease.
As the price goes up, the supply will increase as well.
As the price goes up, the advertisement costs will go up.
As the price goes down, the price goes up.
Someone who combines the factors of production to create new goods and services is called ...
a stockbroker
a loan officer
an assembly line worker
an entrepreneur
If you own your own business, the amount of money you are left with after producing your items is called the
employee party money
winnings
profit
savings
When you borrow money from a bank, it is called a...
mistake
loan
safe bet
good guess
Debt is...
any money owed
your cost of living
the money you save
only from credit cards
You can use a ___________ to borrow money, but if you don't pay in back in full you will have high interest fees.
gift card
social security card
bank identification card
credit card
This type of market structure has only one supplier who controls the market in their industry (such as Mid-Hudson Cable).
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
This type of market structure has a few large suppliers who control the market in their industry (such as a group of different Railroad companies).
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
Perfect Competition is when...
one company produces the product
a small number of companies sell a product at different prices
a large number of companies sell the exact same product for the exact same price
a large number of companies sell different products at different prices
When the products made are similar, and a lot of companies make them (jeans, sneakers), it is called...
Monopolistic Competition
Perfect Competition
The struggle among sellers to get more customers is known as
invisible hand
exporting
competition
oligopoly
All of the people who work for money, even part time, are part of the _____________.
labor force
unemployed
stock exchange
peanut butter
Something that motivates someone to do a good job is
getting the same pay as everyone else
a birthday cake
an incentive
a gift you didn't want anyway
What does an effective incentive do?
makes you want to do a poor job
motivates you to do something well or better
What is an ineffective incentive?
gum drops
video games
money rewards
when a reward is not interesting to the workers so they ignore it
When a country sells its goods to another country, those goods are called...
imports
exports
When a country buys goods from another country, those goods are called...
imports
exports
When the GDP (gross domestic product) of a country goes down, that country could be in...
a recession
a revolution
a movie
an economic rise
In order to invest in a stock, you have to know the
logo image
chance of getting rich
ticker symbol
A portion of a stock is called a
share
piece
jelly bean
good grade
If you are lucky enough, your investments in the stock market will be paid to you in the form of...
ice cream cones
dividends
job opportunities
savings
What is a stock?
a paper that says you own a company
an i.o.u.
a non-risky investment
a certificate of ownership in a corporation
A basic plan for saving and spending is called a
budget
computer
credit card
paycheck
The amount of money a person actually takes home after taxes is called
gross income
party money
net income
video game money
Every year you must report to the IRS your income and taxes paid. If there is money left over, it is called a
tax incentive
bonus pay
mistake
tax return
A bank account in which money is stored over a period of time is called a
checking account
can buried in the backyard
savings account
debit card
A bank account that is used to pay day-to-day expenses is called a
checking account
can buried in the backyard
savings account
debit card
In your personal budget, you have expenses that do not change from month to month. These are called...
fixed
discretionary
variable
emergency
A discretionary expense is something you
need to survive
can choose to have
must pay each month
have no idea about
An example of a fixed expense is
going to see a movie
rent
electric bill
An example of a variable expense is
food
a new video game
the newest cell phone
car payment
If you have a balanced budget...
you will be rich.
your expenses cost too much money.
your income is equal to or more than your expenses.
your income is not enough to cover your expenses.
Living on minimum wage can be challenging because
you will have more money than you know what to do with
you will have many bank accounts
you will always know what your expenses are
you might have not have extra money for doing fun things
The study of economics is all about making
choices
money
breakfast
car payments
BONUS: Which is better, coffee or tea
coffee
tea
whichever one Mrs. Kubicek thinks is better
BONUS: which is better, Spiderman or Pacman?
Spiderman
Pacman
I just want a good grade in this class leave me alone.
