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WorksheetsEconomics pre-test 1st quarter
Total questions: 50
Worksheet time: 38mins
Which of these is a good?
Librarian
Teacher
Computer
Mechanic
Which of these provides a service?
Pumpkins
Mailman
Turtles
Cars
The people who grow or create goods are called...
producers
consumers
banker
traders
Which of the following is a need?
Crayons
Video Games
Basketballs
Houses
How much of a good or service is available AND how much people want it. (The more people want it, the more they'll pay for it.)
Scarcity
Specialization
Supply and Demand
Standard of Living
Buying, selling, or exchanging goods or services.
Trade
Opportunity Cost
Interdependence
Scarcity
Which factor of production would you consider a lawn mower?
Land
Labor
Capital
Entrepreneur
What is productivity?
working on products
goods that are produced
amount of goods or services workers can produce in a period of time
What is the main goal for businesses?
profit
productivity
What would be an example of technology improving productivity?
phones
computers
machines
What are three ways businesses can improve productivity?
new workers,technology, money
trained workers, technology, money
trained and educated workers, equipment, technology
How do consumers benefit from companies being more productive?
product is out faster
the cost decreases
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
What does government provide with the revenue it takes in from taxes?
Headaches
Public goods and services
More Congressmen
Greater control of the media
Competition – The struggle between two or more businesses for the money or consumers
True
False
I have no idea.
Demand – Consumers’ desire to buy a particular good or service
True
False
I have no idea.
Consumers – Someone who buys or uses goods and services
True
False
I have no idea.
A product brought into a country to be sold.
Import
Export
I really don't know the difference between the two.
A product sent from one country to another to be sold.
Import
Export
I really don't know the difference between the two.
,In my country, the government tells me where to work.
Traditional
Command
Market
Mixed
In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.
Traditional
Command
Market
Mixed
This document stated people have certain unalienable rights that include life, liberty and the pursuit of happiness
Declaration of Independence
The Constitution
The Articles of Confederation
The Bill of Rights
written in the late 1600s and further limited the power of the king and stated that the people had certain rights
Magna Carta
English Bill of Rights
Mayflower Compact
Common Sense
A Profit and Loss Account summarises a business's
stock and raw materials
highs and lows
pros and cons
revenues and costs
If a business's costs exceeds it sales revenue, it will experience a ........?
loan
profit
loss
debt
The profit and loss account is used by people who may want to become?
customers
suppliers
consumers
investors
Desire, Capacity and Willingness gives rise to___________
Need
Want
Demand
All of the Above
Other things remaining the same, the amount demanded increases with a fall in price and diminishes with a rise in price.
Is it true for Law of Demand
It is incorrect for the Law of Demand
It is true for Law of Supply
It is incorrect for the Law of Supply
Pizza and a Burger would be an example for
Complementary Goods
Substitute Goods
Both
Neither
the amount of product producers are willing to bring to the market at any price.
quantity supplied
total product
theory of production
law of supply
Which of the following defines "Complementary Goods?"
Goods that can be used to replace the purchase of similar goods when prices rise
Goods that are commonly used with other goods
Goods that are independent of other markets
Which of the following applies when the Total Revenue Test is performed and total revenue drops?
Elastic Demand
Inelastic Demand
