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Economics

Total questions: 109

Worksheet time: 2hrs 40mins

Name
Class
Date
1.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
2.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
3.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
4.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
5.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
6.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
7.
A person who makes goods or provides a service 
a)
goods 
b)
service producer 
c)
producer
d)
consumer 
8.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
9.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
10.
Things we buy that we can touch or hold
a)
services
b)
opportunity cost
c)
goods
d)
natural resources
11.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
12.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
13.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
14.
A crew of men are hired to paint a new house.  They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
15.
What are wants?
a)
Something found in China
b)
something you must have to live
c)
something you see in a movie
d)
something you would like to have
16.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
17.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
18.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
19.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
20.
How much people want something
a)
supply
b)
demand
21.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
22.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
23.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
24.
Something we pay for that we can touch
a)
goods
b)
services
25.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
26.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
27.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
28.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
29.
Something we use
a)
resource
b)
scarcity
c)
demand
d)
supply
30.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
31.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
32.
How much of something is available
a)
supply
b)
demand
33.

Consumers _______ goods and services

a)

Buy

b)

Sell

34.

_____ is the general term for an increase in price.

a)

Demand

b)

economics

c)

Inflation

d)

Productivity

35.

__________________ is the study of how people meet their wants and needs

a)

Economics

b)

Geography

36.

Opportunity Cost is __________

a)

a fancy word for economics

b)

how many opportunities in your life

c)

the market

d)

the cost of what you have to give up when you make a choice.

37.

Producers buy or sell/make products?

a)

Buy

b)

Sell/make

38.

Everyone is a ____________

a)

Consumer

b)

Producer

c)

Carnivore

d)

little weird

39.

A shirt that say's Made in China is an example of an _______

a)

Import

b)

Export

40.

The United States sells cars to people in Argentina is an example of __________

a)

Import

b)

Export

41.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
42.
An item in its original form
a)
Import
b)
Export
c)
Raw materials
d)
Manufacturing
43.
The city and its suburbs
a)
Agriculture
b)
Urban
c)
Rural 
d)
Import
44.
The countryside
a)
Agriculture
b)
Urban
c)
Rural
d)
Import
45.
The process of turning raw materials into finished products
a)
Raw materials
b)
Manufacturing
c)
Agriculture
d)
Commercial farming
46.
Growing crops/ raising livestock
a)
Agriculture
b)
Subsistence Farming
c)
Raw materials
d)
Manufacturing
47.
Farming on a small scale to support a few 
a)
Agriculture
b)
Subsistence Farming
c)
Commercial farming
d)
Manufacturing
48.
Farming on a large scale to sell; can feed numerous people
a)
Raw materials
b)
Subsistence Farming
c)
Commercial Farming
d)
Manufacturing
49.
Most businesses are privately owned; economy thrives on competition
a)
Capitalism
b)
Socialism
c)
Communism
50.
The process of choosing one good or service over another.
a)
Free enterprise
b)
Opportunity cost
c)
Service
d)
Loss
51.
The money that the government collects from individuals and businesses to pay for public goods and services.
a)
Taxes
b)
Services
c)
Profit
d)
Supply
52.
There is a limited amount of something.
a)
Loss
b)
Supply
c)
Scarcity
d)
Specialization
53.
When the amount of money a person or company spends is more than they receive or take in
a)
Loss
b)
Profit
c)
Free enterprise
d)
Barter
54.
Anyone who buys a good or service
a)
Entrepreneur
b)
Producer
c)
Consumer
d)
Service
55.
When people depend on one another
a)
Service
b)
Good
c)
Consumer
d)
Interdependence
56.
The positive gain from an investment or business after subtracting expenses.
a)
Good
b)
Profit
c)
Demand
d)
Consumber
57.
The amount of something available for use
a)
Supply
b)
Demand
c)
Service
d)
Scarcity
58.
When an individual or a company does one part of a task and relies on others to complete the other parts of the task.
a)
Specialization
b)
Free enterprise
c)
Producer
d)
Consumer
59.
How much of a product or service is desired by buyers.
a)
Supply
b)
Profit
c)
Demand
d)
Barter
60.
To trade
a)
profit
b)
producer
c)
barter
d)
demand
61.
When companies compete with one another to get the most customers
a)
Loss
b)
Free enterprise
c)
Profit
d)
Interdependence
62.
24. What is an entrepreneur? 
a)
a person that starts a new business
b)
a leader of a country
c)
a worker in a factory
d)
a student in college
63.
22. Which trade barrier sets up a complete ban on trade between countries? 
a)
mountain
b)
tariff
c)
quota
d)
embargo
64.

The amount of something that is available and ready to be sold.

a)

demand

b)

supply

c)

income

d)

profit

65.

The __________ was for water so great that the shelves were empty.

a)

say...what?

b)

supply

c)

demand

d)

international

66.

Definition for demand....

a)

The amount of money made from a business.

b)

The control of a commodity (a good) or service.

c)

Something that is owed to someone else.

d)

How badly people want a good or service.

67.

An item or service that is to be sold to consumers is called a _________.

a)

profit

b)

product

c)

economics

d)

income

68.

What does income mean?

a)

The amount of debt one goes into when starting a business.

b)

How much allowance your parents give you weekly.

c)

The amount of money made from a business or job.

d)

Ten dollars

69.

What is a monopoly?

a)

A board game that people play.

b)

Something you find at the store.

c)

The control of a commodity (a good) or service.

d)

Too small of an amount.

70.

Something that is sold from one country to another or involving two are more countries.

a)

international

b)

national

c)

consumers

d)

entrpreneur

71.

Lisa made a ___________ of $22.35 after she subtracted her expenses.

a)

debt

b)

checkbook

c)

shortage

d)

profit

72.

Something that is owed to someone else.

a)

due date

b)

debt

c)

income

d)

economics

73.

There was a ___________ of iphones at the store when there was a sale.

a)

shortage

b)

profit

c)

international

d)

consumers

74.
Which item is an example of a natural resource?
a)
Furnaces
b)
Education
c)
natural gas
d)
automobiles
75.
What is an advantage of specialization?
a)
Factories cannot produce goods as quickly.
b)
Workers do not become experts in their jobs.
c)
A factory can produce more goods in less time and for less money
d)
Businesses cannot sell as many types of goods when they specialize.
76.
What is an embargo?
a)
A tax placed on imports.
b)
A limit on the amount (quanity) of goods entering a country.
c)
When trade is stopped (halted) due to a conflict with another country.
d)
A tax on exports.
77.
What is the money people use in a country called?
a)
Trade
b)
Currency
c)
Exchange rate
78.
An economic system where resources are shared by all whom contribute.
a)
Communism
b)
Free Enterprise
c)
Socialism
d)
All of the above
79.
Government controls all production and distribution of goods.
a)
Communism
b)
Free Enterprise
c)
Socialism
d)
All of the above
80.
When I have unlimited wants but I have limited resources this is…
a)
Economic Interdependence
b)
Scarcity
c)
Natural Resources
d)
Government Regulation
81.
What happens to the price of goods as they become more scarce?
a)
Prices go up
b)
Prices go down
c)
Prices equal out
d)
Prices are not effected
82.
Roads, bridges, airports, water and sewage systems that help a country function 
a)
entrepreneur 
b)
infrastructure 
c)
production
d)
markets
83.
Cultivating land for crops and raising livestock is called 
a)
capitalism 
b)
manufacturing 
c)
agriculture 
d)
labor
84.
One of the criterion for being an entrepreneur is 
a)
living in a communist country 
b)
working for another person 
c)
taking a risk to open a business 
d)
having a tan 
85.
The US has an economy based on 
a)
free enterprise 
b)
communism 
c)
socialism 
d)
freedom of the press 
86.
Scarcity  of a product affects international trade by 
a)
decreasing the price of the scarce item 
b)
increasing the price of the scarce item 
87.

“Gifts of Nature”; things found in nature that can be used for economic gain

a)

Import

b)

Natural Resources

c)

Export

d)

Final Product

88.

Prices changed based on how much of a good/service is available and how badly people want it

a)

Supply and Demand

b)

Scarcity

c)

Currency

d)

Consumer

89.
________ occurs when prices increase over time.
a)
competition
b)
consumers
c)
inflation
d)
recession
90.
The struggle among producers for consumers' money is called...
a)
competition
b)
profit
c)
revenue
d)
specialization
91.
When a company concentrates on a limited number of goods or services it is called...
a)
competition
b)
profit
c)
revenue
d)
specialization
92.
The money earned by selling goods and services is called your _________.
a)
competition
b)
profit
c)
revenue
d)
specialization
93.
The money a company has left after subtracting the cost of doing business is its ....
a)
competition
b)
profit
c)
revenue
d)
specialization
94.
What is human capital
a)
The items needed to provide a good or service
b)
Person who risks money to start a business
c)
The education, skills, or special knowledge workers have
d)
Gifts of Nature
95.
Which are examples of capital goods
a)
starting your own business
b)
education and healthcare
c)
Iron, steel, and timber
d)
factories, computers, and printers
96.
What is a tarriff
a)
ban on trade
b)
tax on imports
c)
a specific number of items allowed to trade
d)
None of these
97.
What is a quota?
a)
ban on trade
b)
tax on imports
c)
a specific number of items allowed to trade
d)
None of these
98.

In a command economy, how are the economic decisions made?

a)

customs and habits

b)

government

c)

citizen vote

99.

In a market economy, how are the economic decisions made?

a)

Customs and habits

b)

government

c)

consumers and market

100.

What is a quota?

a)

a limit on the amount of foreign goods allowed into a country

b)

a tax placed on imported goods when they enter the country

c)

a decision to prevent certain goods from being imported at all

101.
What is GIVEN UP when a choice is made. Individuals must consider the value of what is given up when making a choice.
a)
Price
b)
Production
c)
Supply
d)
Opportunity Cost
102.
The amount of money exchanged for a good or service. Interaction of supply and demand determines this. It determines who can buy goods & services.
a)
Price
b)
Supply
c)
Demand
d)
Opportunity Cost
103.
 Individuals and businesses decide what, how much, and for whom goods and services are produced is ________ economy. 
a)
COMMAND
b)
MARKET
c)
MIXED
d)
TRADITIONAL 
104.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
105.
True or False: A trade barrier is something that blocks or hinders trade from happening?
a)
True
b)
False
106.
What happens when supply is bigger than demand?
a)
Surplus
b)
Shortage
c)
Inflation
d)
Equlibrium
107.
What happens when demand is bigger than supply?
a)
Deflation
b)
Surplus
c)
Demand
d)
Shortage
108.
Donald Trump has proposed a 20% tax on all products imported from Mexico. What kind of trade barrier is this?
a)
Tariff
b)
Quota
c)
Embargo
109.
In which economic system would you expect the widest selection of consumer goods?
a)
Traditional
b)
Socialism/ Mixed
c)
Free enterprise/ Market

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