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WorksheetsEconomics Review
Total questions: 43
Worksheet time: 48mins
People often answer the questions of "What to produce" and "How to produce" based on the availability of:
push factors
cultural diffusion
resources
multiple perspectives
A country that specializes must ________________ to obtain goods and services they want but do not or cannot produce.
barter
gather
migrate
trade
What might happen if the demand for a new type of XBOX began rising quickly?
The manufacturer would begin making fewer new XBOXs
Microsoft would raise the price of the new XBOXs
Microsoft would stop selling the new XBOX
Microsoft would lower the price of the new XBOX
Which of these is neither a good nor a service?
A gallon of gasoline
A guitar lesson
A meal at a restaurant
A $100 bill
Why do prices go down when consumers start saving their money?
Consumers become less willing to spend money on goods and services
Manufacturers start producing fewer products
Demand for currency goes up as people begin saving
Demand for goods begins to outpace supply
Which condition would lead to the highest prices?
Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
What is the main reason for global trade?
Different countries have varying levels of income.
Different countries have different geographic locations.
Different countries specialize in producing different products.
The countries around the world are united under one government system.
In a market, price is determine by the interaction of:
inputs and outputs
supply and demand
push and pull factors
demand and means on distribution
If demand for a product increases beyond the ability of produces to supply the product, what will happen to the price of the product?
the price will increase
the price will decrease
the prices will stay the same
the price will decrease until producers can make more
What might happen if the demand for a new type of sneaker began rising quickly?
The manufacturer would begin making fewer sneakers
The sneaker company would raise the price of the sneakers
People would refuse to pay more money for the sneakers
The sneaker company would lower the price of the sneakers
Which of these is neither a good nor a service?
A gallon of gasoline
A piano lesson
A meal at a restaurant
A $20 bill
What is likely to happen if the price of a new pair of sneakers went up?
Demand for the sneakers would increase
Demand for the sneakers would decrease
Merchants would begin offering sales on the sneakers
It would be impossible to find a pair in stores
Which is an example of specialization?
a business makes many different kinds of goods
a country buys all the goods it needs from another country and does not produce any goods themselves
a factory focuses on producing one or two goods and leaves production of other goods to other factories
a violin maker makes a violin from himself by cutting down a tree for wood
Which country might trade its agricultural technology for petroleum?
What product should Ghana specialize in making?
Which of the following is the main reason that countries trade with on another?
Countries specialize in producing different types of products.
Most countries do not trade.
Use the chart to answer the question:
Which country might trade its cocoa for rice?
Nigeria
South Africa
Saudi Arabia
Israel
In the song, "Frosty the Snowman," what made Frosty come to life?
A reindeer antler
An old silk hat
A button nose
A walking stick
Which animated movie is about a magical train that carries kids to the North Pole on Christmas Eve?
The Polar Express
The Lunar Express
The Magical Train
The Christmas Train
What is Scrooge's first name?
Eliza
Ebenezer
Benjamin
Elizabeth
“Twas the Night Before Christmas” was originally published under what name?
A Visit from St. Nicholas
Down the Chimney
A Very Merry Christmas
Happy Holidays
