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Worksheets

Community & Economy Review

Total questions: 17

Worksheet time: 17mins

Name
Class
Date
1.

Which best describes the circular flow of an economy?

a)

The flow between businesses and resources

b)

The exchange of money, goods, and services in an economy

c)

Happens only in a resource market

d)

Happens only in a goods and services market

2.

Which is NOT true of public goods and services?

a)

Shared by everyone - sometimes at the same time

b)

Only given to the needy

c)

No one is prevented from using them

d)

Are paid for by taxes

3.

Which is NOT a basic economic question faced by an economy?

a)

What to produce?

b)

How to produce?

c)

How much profit will be made?

d)

For whom to produce?

4.

Who pays for public goods and services?

a)

Philanthropists

b)

Only people who use them

c)

Government

d)

Taxpayers

5.

A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.

a)

True

b)

False

6.

Due to scarcity, people cannot have all of the things they want.

a)

True

b)

False

7.

Businesses produce goods and services for citizens, who in turn supply labor and other resources to the businesses.

a)

True

b)

False

8.

Resources are the goods people buy from a business.

a)

True

b)

False

9.

The merchandise, skills, and knowledge offered for sale by businesses or citizens are called ____________.

a)

private goods/services

b)

net pay

c)

taxes

d)

prototype

10.

The amount of money an employee receives after taxes and other deductions are taken from a paycheck is called ________.

a)

right

b)

gross pay

c)

taxes

d)

net pay

11.

Payments that citizens are required to make to government are called ________ .

a)

net pay

b)

gross pay

c)

taxes

d)

withdraw

12.

Members of a town, city, county, state, or country are called citizens.

a)

True

b)

False

13.

In a free enterprise economy, the government make the decisions about what businesses will sell.

a)

True

b)

False

14.

What is NOT a type of resource?

a)

human

b)

capital

c)

natural

d)

technology

15.

The exchange of goods and services is called ______.

a)

trade

b)

taxes

c)

rights

d)

responsibilities

16.

The freedom to act in a certain way is called a right.

a)

True

b)

False

17.

A ___________________ is a model or sample of a product to be produced.

a)

product

b)

citizen

c)

prototype

d)

tax