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Economics

Total questions: 50

Worksheet time: 50mins

Name
Class
Date
1.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
2.

Individuals who come up with a new idea for a good or service and then make it a reality is called a(n)

a)

resource

b)

human resources

c)

consumer

d)

entrepreneur

3.

Which of these examples is a service?

a)

Mr. Farr sells guitars.

b)

Mr. Swenson gives art supplies to consumers.

c)

Coach provides lessons for different sports.

d)

Ms. Miller writes books.

4.
Something we pay for that we can touch
a)
goods
b)
services
5.

Where goods and services are exchanged - both virtually and physically

a)

barter

b)

currency

c)

market

d)

resource

6.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
7.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
8.

Why would a business want to spend their money to invent new items?

a)

They can save money

b)

They will fix broken items

c)

They can buy cool goods

d)

They can make new goods to sell

9.

What is supply?

a)

the amount of an item you have

b)

how many people want your good/service

c)

the money you have left over after you paid your bills

d)

none of these

10.

What is demand?

a)

the amount of an item you have

b)

how many people want your good/service

c)

the money you have left over after you paid your bills

d)

none of these

11.

What is profit?

a)

the money you have left over after you paid your bills

b)

how many people want your good/service

c)

the amount of an item you have

d)

none of these

12.

What does it mean when you save money?

a)

You buy a new outfit.

b)

You put money away for later.

c)

You invent a new good.

d)

You give money to help animals.

13.

Opal saved money in the bank by opening a savings account. From doing this, she earned _______.

a)

Interest

b)

Invest

14.

Which of the following will increase your profit for selling hot chocolate?

a)

Use expensive materials

b)

Lower the price

c)

Give each buyer more hot chocolate

d)

Use cheaper materials

15.

Money that you put in a savings account______.

a)

can never be spent

b)

can earn interest

c)

will not earn interest

d)

is donated

16.

Halloween is almost here! The supply of candy is going down. What will happen to the price?

a)
b)
17.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
18.
If the supply of a good is higher than the demand, what happens to the price?
a)
It stays the same
b)
Price goes down
c)
Price goes up
d)
It's FREE!!
19.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
20.
An increase in competition would have what effect on price?
a)
Price goes up
b)
Price stays the same
c)
Price goes down
d)
It explodes
21.
If there is no competition in your market, how would that impact your business?
a)
You could charge more for your product
b)
You would make more
c)
You would hire more employees
d)
You would charge less for your product
22.

A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?

a)
b)
23.
Interdependence means
a)
One country depends on another
b)
Two countries depend on another country
c)
Two countries economies rely on each other
d)
Taxes are higher
24.

In economics, the value of the next best alternative is called _________.

a)

Scarcity

b)

Productivity

c)

Opportunity Cost

d)

Supply and Demand

25.

Income set aside for unexpected expenses

a)

savings

b)

goods

c)

services

d)

producer

26.

Money paid to the government through income, sales, and purchase of property

a)

taxes

b)

goods

c)

scarcity

d)

human resource

27.

iPhone X just came out and many people want it. What will happen to the price?

a)
b)
28.

What do you call someone who makes or provides a good or service for purchase?

a)

Producer

b)

Consumer

c)

Demand

d)

Supply

29.

A person who comes up with a product or service, and finds the money and time to produce this new product is called a(n)

a)

entrepreneur

b)

incentive

c)

specialist

d)

barterer

30.
One of the important parts of economics is interdependence. Which of the following is an example of interdependence?
a)
People make their own clothing.
b)
People often move to places that aren't as crowded.
c)
People need goods and services provided by other people.
d)
People grow their own food.
31.
A plan for managing a person's income and expenses is..
a)
Income
b)
Scarcity
c)
Savings
d)
Budget
32.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
33.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
34.
The Bank of Kent County gave Amy a loan to buy a new car. When Amy repays the loan, she will pay the bank ________.
a)
the exact amount she borrowed
b)
a little less than she borrowed
c)
the amount she borrowed plus interest
d)
whatever amount she feels she can afford
35.

When a country becomes skilled at producing one good or service

a)

specialization

b)

scarcity

c)

profit

d)

labor

36.

What economic sector puts account holders' money to use by lending it out to others?

a)

government

b)

household

c)

banking

d)

private business

37.
You have $14.00.  You can go to the movies, buy a new shirt, or buy a kitten.  If you choose to go to the movies, what is your opportunity cost?
a)
the shirt and the kitten
b)
the kitten and the movies
c)
the movies and the shirt
38.

Which two countries would likely trade with each other?

a)

Two countries that are located far away from each other

b)

Two countries that both have the same population.

c)

Two countries who people both speak the same language.

d)

Two countries that each specialize in producing different goods.

39.

Which economic sector provides opportunities for wealth to be distributed through employment?

a)

household

b)

private business

c)

government

d)

banking

40.

Which economic sector collects taxes to provide services like national security, schools, roads, etc.?

a)

banking

b)

government

c)

household

d)

private business

41.

When two people make a trade and feel they are better off because of that exchange

a)

Tax

b)

Voluntary Exchange

c)

Economics

d)

Specialization

42.

Which economic sector determines the production of producers or businesses?

a)

household

b)

banking

c)

government

d)

private business

43.
What are the four sectors of the economy?
a)
household, immigration, banking, education
b)
education, immigration, business, government
c)
banking, business, government, education
d)
household, banking, government, business
44.
Mary Ella wants to go shopping for new shoes. She hears about a sale at a local store and decides to go there first. What encourages her to do this?
a)
specialization
b)
price incentive
c)
opportunity cost
d)
name-brand incentive
45.
Specialization takes place when a business makes or sells only one type of thing. Which business is an example of specialization?
a)
department store
b)
bicycle store
c)
general store
d)
hardware store
46.

Why do countries trade?

a)

To brag

b)

Because different countries specialize in different things

c)

Because every country has different interests

d)

Because we like to eat Italian food in America

47.

What is an expense?

a)

money that your parents give you

b)

money that you have in your pocket

c)

money that you earn at a job

d)

money that you spend

48.

The amount of money that someone receives in exchange for their labor is called __________.

a)

income

b)

expense

c)

incentive

d)

stealing

49.
Which of the following is an example of the effects of competition in the economy?
a)
A small hardware store closes when a large Home Depot store opens nearby.
b)
Retired people receive payments from the government.
c)
Shoppers have to pay sales tax on all items they buy.
d)
The price of oranges goes up when Florida has a drought.
50.

Identify one item that taxes are used to pay for.

a)

a brand new school bus

b)

designing electronics

c)

any movies that get made

d)

someone's brand new computer

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