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Economics

Total questions: 40

Worksheet time: 24mins

Name
Class
Date
1.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
2.
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
3.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
4.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
5.
The money that remains after all the costs of production have been paid.
a)
Loss
b)
Supply
c)
Profit
d)
Tax
6.
Money that the government collects from individuals and businesses to pay for public goods and services
a)
Profit
b)
Tax
c)
Service
d)
Loss
7.
The study of how people choose to use their resources
a)
Incentive
b)
Economics
c)
Entrepreneur
d)
Specialization
8.
Anyone who buys a good or service.
a)
Barter
b)
Loss
c)
Consumer
d)
Producer
9.
Anyone who makes or grows a good or performs a service.
a)
Barter
b)
Consumer
c)
Producer
d)
Profit
10.
When it costs more to make a good than what you sell the good for.
a)
Loss
b)
Profit
c)
Tax
d)
Service
11.
Economics is the study of how people seek to satisfy their needs and wants by making choices.
a)
True
b)
False
12.
Which economic system is controlled by the GOVERNMENT?
a)
Command
b)
Market
13.
The USA uses a...
a)
Command economy
b)
Market economy
14.
Government and individuals share in the decision making process. The most effective economy for producing goods and services.
a)
Command
b)
Free Market
c)
Mixed
d)
Traditional
15.
Primarily found in underdeveloped regions.Communities use primitive tools and methods, often resulting in little economic growth.
a)
Command
b)
Free Market
c)
Mixed 
d)
Traditional
16.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
17.
A tax on goods a country imports or exports
a)
Quota
b)
Tariff
c)
Subsides
d)
Embargoes
18.

Which item is normally the least expensive?

a)

Gallon of 2%Milk

b)

Dozen eggs

19.

Which item is normally the least expensive?

a)

24 oz slices of American Cheese

b)

Standard box of Cereal

20.

Which item is normally the least expensive?

a)

40 oz Jar of Peanut Butter

b)

24 oz Butter

21.
A person who makes goods or provides a service 
a)
goods 
b)
service producer 
c)
producer
d)
consumer 
22.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
23.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
24.
Your teacher is providing a _______.
a)
good
b)
service
c)
commercial 
25.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
26.
How much of something is available
a)
supply
b)
demand
27.
How much people want something
a)
supply
b)
demand
28.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
29.
Something that encourages a person to take a certain action.
a)
Tax
b)
Entrepreneur
c)
Incentive
d)
Specialization
30.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
31.

A company makes a profit when:

a)

It sells all of its products.

b)

It earns more revenue than other companies.

c)

It earns more money in revenue than it spent on expenses.

d)

It doesn't sell too much of its stock.

32.

Money a business makes is known as:

a)

revenue

b)

profit

c)

debt

d)

expenses

33.

Imagine your company has spent $70 in expenses. If you make 10 bracelets, how much do you need to sell them for in order to make a profit?

a)

$6

b)

$7

c)

$8

d)

$5

34.

If you own a share of stock, you own part of...

a)

a venture capitalist

b)

a company

c)

a logo

d)

the stock market

35.

Why do businesses have to keep records of their finances?

a)

to know how much they've spent on expenses

b)

to calculate profits

c)

to avoid losing money

d)

to make knowledgeable financial decisions

e)

all answers

36.

Making posters and commercials are examples of:

a)

finances

b)

manufacturing

c)

design

d)

marketing

37.

How do you calculate profit?

a)

figure out how much you sold

b)

subtract total expenses from total revenue

c)

add up how much investors gave you

d)

divide revenue by the number of companies

38.

When someone works, he or she is paid a...

a)

loan

b)

salary

c)

stock

d)

profit

39.

What do banks get in exchange for loaning money?

a)

stock

b)

part of the company's profit

c)

a promise you'll repay your loan, plus interest

d)

discounts on the company's products

40.

Inflation is known as:

a)

a decrease in the price of goods and services.

b)

an increase in the price of good and services.

c)

a decision making strategy

d)

a step in the decision making process.

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