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WorksheetsClue Economics Quizizz
Total questions: 25
Worksheet time: 11mins
Name
Class
Date
1.
What is the fundamental problem of economics?
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
2.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
3.
Which of the following would be an example of human capital?
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike
c)
Philip Knight, the CEO of Nike
d)
The land that the Nike headquarters is located on in Beaverton Oregon
4.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
5.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
6.
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms Johnny is facing the problem of:
a)
Shortage
b)
Scarcity
c)
Unemployment
d)
Marginal costs
7.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods are tangible and services are not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
8.
What is the major difference between scarcity and a shortage?
a)
They are really the same
b)
Shortages always exist and scarcity is temporary
c)
Shortages are temporary and scarcity always exist.
d)
Scarcity is limited and shortages are unlimited
9.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
10.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
11.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
12.
Is this shelter a want or a need?
a)
Want
b)
Need
13.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
14.
An economy in which the government decides how ALL economic resources will be allocated i.e. North Korea
a)
Market Economy
b)
Mixed Economy
c)
Centrally Planned Economy
d)
Entrepreneur
15.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
16.
Which of the following countries has a command economy? (4)
a)
France
b)
Taiwan
c)
North Korea
d)
South Korea
17.
In which economy does customs, traditions and beliefs answer 3 basic questions? (4)
a)
Tradition
b)
Command
c)
Market
d)
Mixed
18.
Which of the following is NOT a factor of production? (7, 8)
a)
Land
b)
Money
c)
Labor
d)
Capital
19.
Using the Factors of Production which is an example of LAND (7, 8)
a)
Oil
b)
Money
c)
Workers
d)
Investors
20.
"Economics" is a _________________ that studies _________________
a)
'social science' 'choices'
b)
'social science' 'money'
c)
'science' 'economies'
d)
'subject' 'human behaviour'
21.
Worldwide culture with an interdependent economy
a)
Outsourcing
b)
Globalization
c)
Containerization
22.
Import
a)
Selling things to another country for a profit.
b)
Purchasing items from another country
c)
Giving things to another country.
d)
Getting things from another country
23.
Export
a)
Selling things to another country for a porfit.
b)
Giving things to another country for free.
c)
Purchasing things from another country.
d)
Getting things from another country.
24.
Two pictures are shown.
What do these two images have in common?
What do these two images have in common?
a)
They show farmers working in highly industrial economies.
b)
The farmers are working in traditional economies.
c)
These are government employees working on farms.
d)
The farmers are using modern agricultural methods.
25.
The Minister of Economics has created a plan for our national economy. It emphasizes the production of iron, steel, and hydroelectric power. In manufacturing, tanks and tractors will receive top priority. Consumer goods are regarded as less essential. Citizens are expected to sacrifice personal comfort for their country.
In what kind of economy does this Minister of Economics live in?
In what kind of economy does this Minister of Economics live in?
a)
This is an example of a COMMAND ECONOMY because the government is deciding what to produce, how to produce it, and who gets to have it.
b)
This is an example of a MARKET ECONOMY because the producers and consumers are deciding what to produce, how to produce it, and who gets to have it.
c)
This is an example of a TRADITIONAL ECONOMY because the family is deciding what to produce, how to produce it, and who gets to have it.
d)
This is an example of a MIXED ECONOMY because both the government and the people are deciding what to produce, how to produce it, and who gets to have it.
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