WorksheetsEconomics 2019
Total questions: 53
Worksheet time: 28mins
Name
Class
Date
1.
Which part of the national government controls the supply of money in the economy?
a)
Congress
b)
Treasury Department
c)
President
d)
Federal Reserve
2.
A person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoft
a)
cashier
b)
entrepreneur
c)
capitalist
d)
proprietor
3.
How do banks, credit unions, and savings and loans, encourage savings?
a)
pay interest on deposits
b)
free gift card to a saver
c)
free checking account
d)
low interest rates on loans
4.
All of the following are examples of private property EXCEPT
a)
Sheetz
b)
Ruth's Place
c)
U. S. Postal Service
d)
Eagle Cinema
5.
Which amendment gives Congress the power to tax income?
a)
16th
b)
5th
c)
1st
d)
10th
6.
All of the following are characteristics of a free market economy EXCEPT
a)
centrally planned economy
b)
private ownership of property and resources
c)
competition between business
d)
desire to make a profit
7.
If the government needs more money to pay for public goods and services, what are 3 ways the government can raise more revenue?
a)
raise taxes
b)
have a bake sale
c)
borrow funds
d)
charge fees (ex. parks)
8.
All of the following are reasons the United States and Virginia trades with other countries EXCEPT
a)
to buy goods at a lower cost
b)
to obtain goods they cannot produce
c)
decrease employment
d)
to sell goods to other countries
9.
U.S. coins and currency are accepted by people because
a)
there is a gold reserve as a guarantee to depositors
b)
of the confidence in the U.S. government
c)
the government will reimburse depositors for all funds saved in a bank
d)
currency is not used in the United States
10.
Select the 3 recognized forms of money in the United States.
a)
debit cards
b)
federal reserve notes
c)
checks
d)
credit cards
11.
Which of the following is an example of an employee with a good work ethic?
a)
Harper arrives at work 15 minutes early everyday with a positive attitude
b)
Bryce complains about each task he is asked to perform.
c)
Ty is late for work 2 or 3 days each week.
d)
Savannah spends a portion of the workday on her phone texting her friends.
12.
All of the following are ways to be fiscally responsible EXCEPT
a)
keeping to a budget
b)
saving for the future
c)
spending more money each month than you earn
d)
having insurance
13.
Michael has $10; he wants to see the new Star Wars movie and go to the trampoline park. He decides to go to the trampoline park with some friends. What is his opportunity cost?
a)
the admission price of the trampoline park
b)
the time spent at the trampoline park
c)
the amount of gas used to drive to the trampoline park
d)
the value of viewing the movie
14.
All of the following are characteristics of a mixed economy EXCEPT
a)
lack of consumer choice
b)
government makes decisions for the public sector
c)
individuals and business owners make decisions for the private sector
d)
competition
15.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
16.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
17.
How much people want something
a)
supply
b)
demand
18.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
19.
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
20.
Something we pay for that we can touch
a)
goods
b)
services
21.
People who work to make goods or provide services
a)
human resources
b)
capital resources
c)
natural resources
d)
entrepreneurs
22.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
23.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
24.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
25.
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
26.
Something we pay to use fora certain amount of time
a)
services
b)
goods
27.
How much of something is available
a)
supply
b)
demand
28.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
29.
What type of economic system does the US have?
a)
Market
b)
Command
c)
Traditional
30.
Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).
a)
Disadvantage of Traditional Economy
b)
Disadvantage of Market Economy
31.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
32.
Economics is...
a)
studying goods, services, and how people can get them.
b)
studying trees, bushes, and other plants.
c)
studying animals and wildlife.
d)
studying food, and how food is made.
33.
Which of these is a good?
a)
Librarian
b)
Teacher
c)
Computer
d)
Mechanic
34.
Which of these provides a service?
a)
Pumpkins
b)
Mailman
c)
Turtles
d)
Cars
35.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
36.
Which of the following is a need?
a)
Crayons
b)
Video Games
c)
Basketballs
d)
Houses
37.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
38.
All people have the same wants and needs.
a)
True
b)
False
39.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
40.
Type of Economy that is half command and half market
a)
Traditional
b)
Command
c)
Market
d)
Mixed
41.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
42.
Economic system where government controls everything.
a)
Market
b)
Command
c)
Mixed
d)
Free Enterprise
43.
Type of economic system where there is no government control.
a)
Mixed
b)
Market
c)
Free Enterprise
d)
Command
44.
When there is a large supply of leftover candy after Halloween, and low demand, the price of the candy usually _________________.
a)
decreases
b)
increases
c)
stays the same
45.
In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
46.
In what economic system does the government determine what to produce, how to produce it, and how to market it?
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
47.
What is profit?
a)
Price consumers pay for goods and services
b)
Money that is left after all expenses have been paid
c)
Taxes paid to the government
d)
All of the money a business earns
48.
What type of business organization is characterized by the list?
a)
Corporation
b)
Cooperative
c)
Proprietorship
d)
Partnership
49.
The U. S. economy allows businesses and individuals to own the means of production called __.
a)
Competition
b)
Free Markets
c)
Consumer Sovereignty
d)
Private Property
50.
Consumers determine what goods and services will be produced based on the products they purchase. This is known as —
a)
Competition
b)
consumer sovereignty
c)
command economy
d)
profit
51.
not having enough
a)
scarcity
b)
supply
c)
human resouce
d)
taxes
52.
There is a big concert event in your town and everyone wants to go. There is a ____________ of tickets.
a)
Supply
b)
Scarcity
c)
Credit
d)
Cost factor
53.
What is economics?
a)
The study of shapes
b)
scarcity
c)
The study of the choices people make when making purchases
d)
push and pull factors
100 %
