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WorksheetsEconomics Summative 1.1-1.3
Total questions: 24
Worksheet time: 2hrs 0mins
The lack of enough resources to produce everything people want is which central economic problem?
Allocation
Production Possibilities
Productivity
Scarcity
The rising price of gasoline has motivated the government to release fuel form the US Strategic Petroleum Reserve. Which phrase BEST describes the short-term benefit of this policy?
increased world-market prices for petroleum
increased dependence on foreign fuel sources
increased use of alternative fuels from private sector investment
increased economic stability from low petroleum prices
Which phrases BEST completes the list above?
Consumer Demand
Entrepreneurship
Regulation
Urban Growth
Which economic concept is discussed in this excerpt?
Marginal Benefit
International Competition
Monetary Incentives
Opportunity Cost
Which economic issues is MOST associated with a shortage of capital?
not enough energy to fuel machines
not enough workers to produce goods
not enough money to build new factories
not enough people who want to start businesses
Regulating business and providing entitlements define the primary economic role of government in which economic system?
Command Economy
Mixed Economy
Pure Capitalist Economy
Traditional Economy
Which term describes a factor of production?
inflation
labor
scarcity
tariff
Which fact BEST supports the idea that government see internet access as a critical tool for society?
In Saudi Arabia citizens have been jailed for posting offensive messages using the internet
In Ethiopia, it has been difficult to expand internet access due in part to its largely rural population
In Cuba, some citizens have found ways to get around government restrictions on accessing the internet
In the United States, the government has a goal of providing affordable and fast internet access to one hundred million homes.
In a market economy, the strongest incentive for entrepreneurship is the opportunity to?
support projects for the public good
gain personal prestige and fame
determine regulatory and tax policies
earn a profit on investments
Use the diagram above to answer the question
Business services would increase
Labor available to businesses would decrease
Business wages would increase
Money available to businesses would decrease
One way companies distinguish themselves from competitors is by?
promoting differences in products
increasing production capabilities
supporting antitrust legislation
improving safety standards for workers
Use the diagram above to answer the following question
Revenue for businesses will increase
Wages for workers will increase
Available labor for businesses will decrease
Available products for households will decrease
Use the chart above to answer the question
1-Communism, 2- Socialism
1-Socialism, 3-Communism
2- Socialism, 3-Communism
1- Communism, 3-Socialism
Over the last few decades, television programming in the United States has become available through a number of services such as cable, satellite, and the internet. How does this trend demonstrate an effect of the free enterprise system?
Higher capital cost have resulted in more investment opportunities
Increased government regulation has led to higher prices
Increased market competition has resulted in more choices for consumers
Stronger copyright laws have limited access to new shows
Which of the following BEST completes the list?
Contract Law
Interest law
Labor Unions
Competition
What is the primary role of consumers in a free market economy?
to sustain traditional production methods
to purchase goods and services
to balance the forces of supply and demand
to meet the government production goals
Use the information above to answer the question.
Improvements in technology will enhance reliability.
Expanded consumer choice will drive down prices.
More intense competition will reduce the quality of goods.
Increased demand for a product will cause prices to rise.
Use the graph to answer the question
There will be a 30,000-pound shortage
There will be a 60,000-pound shortage
There will be a 90,000- pound surplus
There will be a 120,000-pound surplus
Use the graph above to answer the question
The price would decrease because demand would decrease
The price would increase because demand would decrease
The price would decrease because demand would increase
The price would increase because demand would increase
Use the graph above to answer the question
Elasticity
Equilibrium
Opportunity Cost
Marginal Production
An example of a non-price determinate of a decrease in supply of wheat for bread would be?
the introduction of a new fertilizers that increase wheat crop yields
a drought in the farming states of the Midwest
An increase in the cost of bread on store shelves
Foreign farmers export wheat to the United States
According to the law of supply, what caused the change indicated in these graphs?
The price of pencils increased between 2008 and 2011
Shipping rates increased between 2008 and 2011
The price of toothpicks increased 2008 and 2011
Electricity cost increased between 2008 and 2011
Which factor can cause a shift on the demand curve?
investment capital
prices of other goods
government regulation
improved manufacturing efficiency
Demand for a good will MOST likely decrease when?
there are many substitutes for it
the price of it decreases
consumer income rises by ten percent
retailers sell out of the product
