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WorksheetsEconomics Lemme
Total questions: 25
Worksheet time: 9mins
What is economics?
The study of a society’s production
The study of a society’s distribution
The study of a society’s consumption of goods and services
All of the above
What is trade off?
Giving up a advantage for one favored more
Trading one good for another
Trading of goods overseas
None of the above
What is budgeting?
Not spending money
Keeping track of the flow of money
Keeping track of income and expenses
Both B and C
What is the point called where demand and supply meet?
Surplus
Shortage
Equilibrium
Quantity
What is an entrepreneur:
A person who manages a business usually with risk
A small business owner
A large business owner
A person who is allowed to run a trademarked business
What is the middle point of a law of supply graph called:
the middle point
surplus
equilibrium
none of the above
What is the percentage of clothing that we get from United States vs. the amount we get from around the world:
50% Internationally 50% locally
98% Internationally 2% locally
70% Internationally 30% locally
100% Internationally 0% locally
What is an advantage of an Individual proprietorship Business?
Greatest Freedom
Owner in direct control
All profits to owner
All of the above
What is a disadvantage of Global Trading?
Both parties benefit and Job loss
Greater debt and greater pollution
Cheaper prices and more goods
Loss of product control and variety of goods
What is the Law of Demand?
A. The higher the price, the suppliers want more
B. The higher the prices, the lower demand
C. The lower the price, the suppliers want less
D. The lower the prices, the higher demand
Both B and C
If you have a hourly wage and a full time job, how would you find how much you make per month?
40 x wage x 4
wage x 40 x 4.5
45 x 4 x wage
wage / 12
What expense category is usually the greatest percentage in your budget?
Medical
Food
Transportation
Housing
How big would one hundred million dollars be in 100 dollar bills?
Fits on a pallet
Fits in a semi truck
2 inch stack
1 backpack full
What is the Formula for Annual Compound Interest?
P(1+r/n)nt
P(1+r)t
Prt
Which business is owned by many people, and was created under law?
Individual Proprietorship
Partnership
Corporation
Franchise
Law of Demand - The ______ the prices the people will _______.
Higher, buy Less / Lower, but More
Lower, buy Less / Lower, buy More
Lower, buy Less / Higher buy More
None of the above
What is interest?
A. Money the bank pays you when you have money in their bank.
B. Money someone invests in your business.
C. The EXTRA money that that you have to pay when you pay off a loan.
A and C
Who sets the reserve requirement for banks?
The bank’s owner
The Federal Reserve
The mayor of the town
Depends on the bank
How many arrows are on the dollar bill?
5 arrows
10 arrows
13 arrows
15 arrows
Which one of these do larger business rely on to raise money?
Profits
Bank Loans
Bonds
Stocks
All of these
What were to happen if an apple selling business ended up with a larger crop than usual?
Supply goes up
Supply goes down
Demand goes up
Demand goes down
If supply increases, what happens to the price.
It goes up
It stays the same
It goes down
What does the federal reserve system do?
A. Shreds the out of date money
B. Makes you confident in your banking system
C. Provides a stable and growing economy
B and C
A, B, and C
What is the Law Of Demand?
Supply goes up, Price goes down. Price goes up, Supply goes down.
Price goes up, demand goes down. Price goes down, demand goes up.
Price goes up, demand goes up. Price goes down, goes down.
What is the Law of Supply?
Prices go up, Suppliers want more. Prices go down, Suppliers want less.
Prices go up, Suppliers want less. Prices go down, Suppliers want more.
Demand goes up, Suppliers want more. Demand goes down, Suppliers want more.
