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Worksheets

5.01-5.04

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Everyone must choose which wants to satisfy at any one time because resources are limited. We don't have enough resources to satisfy all needs at the same time.

a)

Unlimited

b)

Competing

c)

Changeable

2.

All of the manufactured or constructed items that are used to produce goods and services.

a)

Human resources

b)

Capital goods

c)

Natural resources

3.

A condition resulting from the gap between unlimited wants for goods and services and limited resources.

a)

Economizing

b)

Trade offs

c)

Secretly

d)

Economics

4.

Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer.

a)

Task utility

b)

Form utility

c)

Place utility

d)

Time utility

5.

A form of demand for products in which changes in price correspond to changes in demand.

a)

Inelastic demand

b)

Elasticity

c)

Elastic demand

6.

Three economic questions

a)

what to produce, when to produce, for whom to produce

b)

how to produce, when to produce, for whom to produce

c)

what to produce, how to produce, for whom to produce

7.

The money received by resource owners and by producers for supplying goods and services to customers.

a)

Expenses

b)

Income

c)

Cost of goods

d)

Profit

8.

The possibility of loss to a business without any possibility of gain.

a)

Pure risk

b)

Business risk

c)

Natural risk

d)

Economic risk

9.

Difference between sales income and the direct costs of making these products.

a)

Operating expenses

b)

Gross profit

c)

Net profit

d)

Profit

10.

Who decides what to produce in a mixed economy?

a)

Government

b)

Businesses

c)

Consumers

d)

Producers

11.

Corporation leadership core mission aligns to their actions.

a)

Legal responsibility

b)

Philanthropic responsibility

c)

Ethical responsibility

d)

Economic responsibility

12.

Companies need to make sure that the company itself is profitable.

a)

Legal responsibility

b)

Ethical responsibility

c)

Economic responsibility

d)

Philanthropic responsibility

13.

Requirements placed on company by law.

a)

Philanthropic responsibility

b)

Economic responsibility

c)

Legal responsibility

d)

Ethical responsibility

14.

Going above and beyond ethical responsibility making an effort to benefit society.

a)

Legal responsibility

b)

Philanthropic responsibility

c)

Ethical responsibility

d)

Economic responsibility

15.

A business that buys consumer goods or services and sells them to the ultimate consumer.

a)

Wholesalers

b)

Trade industries

c)

Retailers

d)

Manufacturers

16.

Which is not a major category of GDP?

a)

Government spending

b)

Business spending

c)

Individual spending

d)

Consumer spending

17.

A bond is sold by...?

a)

Producers

b)

Government

c)

Consumers

d)

Retailers

18.

What is the safest type of investment

a)

The bond market

b)

Government bonds

19.

GDP per capita is...?

a)

income in government

b)

income per person

20.

Frequently used measurement to determine a country's economic output.

a)

cm

b)

inches

c)

GDP

d)

mm