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Economics Review

Total questions: 38

Worksheet time: 1hrs 7mins

Name
Class
Date
1.

Human-made materials used to produce goods and services.

a)

capital resources

b)

human resource

c)

labor

d)

entrepreneur

2.

A person who buys and uses goods and services

a)

consumer

b)

producer

c)

entrepreneur

d)

labor

3.

The number of consumers who want and able to buy a good or service.

a)

demand

b)

supply

c)

opportunity cost

d)

entrepreneur

4.

a person who has the ideas and skills to start a business

a)

entrepreneur

b)

laborer

c)

manager

d)

consumer

5.

Items for sale that can be touched.

a)

goods

b)

services

c)

demand

d)

profit

6.

talents and skills of human beings

a)

human resources

b)

land

c)

capital resources

d)

entrepreneur

7.

material from Earth needed to make goods and services

a)

natural resources

b)

labor

c)

capital goods

d)

entrepreneur

8.

things that people must have in order to survive

a)

needs

b)

wants

c)

opportunity cost

d)

scarcity

9.

the value of the second-best choice that is given up when a decision is made

a)

opportunity cost

b)

producer

c)

profit

d)

scarcity

10.

someone who makes goods and services

a)

producer

b)

consumer

c)

entrepreneur

d)

government

11.

Many individuals desiring something that has limited availability

a)

scarcity

b)

opportunity cost

c)

supply

d)

needs

12.

things that people would like to have but can live without

a)

wants

b)

needs

c)

scarcity

d)

opportunity cost

13.
There is a limited amount of something.
a)
Loss
b)
Supply
c)
Scarcity
d)
Specialization
14.
A person who comes up with a product or service, or a better way to produce one.
a)
Service
b)
Taxes
c)
Barter
d)
Entrepreneur
15.
The amount of something available for use
a)
Supply
b)
Demand
c)
Service
d)
Scarcity
16.
Anyone who makes or grows a good or performs a service
a)
Consumer
b)
Entrepreneur
c)
Interdependence
d)
Producer
17.
When an individual or a company does one part of a task and relies on others to complete the other parts of the task.
a)
Specialization
b)
Free enterprise
c)
Producer
d)
Consumer
18.
How much of a product or service is desired by buyers.
a)
Supply
b)
Profit
c)
Demand
d)
Barter
19.
The study of the making, buying, and selling of goods and services.
a)
Entrepreneur
b)
Producer
c)
Good
d)
Economics
20.

____ are things we purchase.

a)

budget

b)

goods

c)

services

d)

supply

21.

_____ are things we pay people to do for us.

a)

services

b)

goods

c)

interest

d)

income

22.

_____ is the lack of a specific resource.

a)

scarcity

b)

income

c)

budget

d)

supply

23.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
24.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
25.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
26.
A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.  
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
27.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
28.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

29.

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

a)

The supply will probably go up.

b)

The supply will probably go down.

30.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

31.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
32.
The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?
a)
vacation 
b)
swimming pool 
33.
Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?
a)
studying for a test
b)
watching TV 
34.

What is a natural resource?

a)

things we need to survice

b)

materials found in nature that are useful or necessary to life.

c)

materials that are man made

d)

the people who work for a business

35.

What are examples of natural resources?

a)

water

b)

trees

c)

soil

d)

all of the above

36.

What are human resources?

a)

things wee need to survive

b)

people that have lots of money

c)

the people who work for a business

d)

people who are smart

37.

What are examples of human resources?

a)

farmers

b)

cashiers

c)

teachers

d)

all of the above

38.

How are capital resources used?

a)

they are used to create another good or service.

b)

they are not used by everyone

c)

they take too much work

d)

they are only used for capital cities

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