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WorksheetsHKA Grade 10 Economics Quiz 2
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
What must be given up in order to undertake any activity or economic exchange (what you could have done with the money you spend on that thing); 'opportunity lost'
a)
Opportunity Cost
b)
Consumers
c)
Living Standards
d)
Production Cost
2.
The quantity of a good or service that consumers are willing and able to buy at a particular price during a specific time period.
a)
Demand
b)
Supply
c)
Price
d)
Production Cost
3.
The amount of money expected, required, or given in payment for something.
a)
Price
b)
Demand
c)
Supply
d)
Production Cost
4.
The quantity of a good or service that producers are willing and able to offer for sale at a particular price during a specific time period.
a)
Supply
b)
Demand
c)
Price
d)
Production Cost
5.
Costs incurred by a business when manufacturing a good or producing a service (including raw material and labor)
a)
Production Cost
b)
Opportunity Cost
c)
Trade
d)
Microeconomics
6.
The increased movement between nations of trade, labour, investment, finance and technology. It means that countries are becoming more closely connected and affected by each other.
a)
Globalisation
b)
Macroeconomics
c)
Microeconomics
d)
Economic Model
7.
People whose wants are satisfied by consuming a good or service; people who purchase merchandise and services for personal use.
a)
Consumers
b)
Needs
c)
Wants
d)
Consumption
8.
Businesses that produce (not just sell) in more than one country; large businesses with a home base in one country but operate partially or wholly in other countries.
a)
Multinational Corporations
b)
Globalisation
c)
Macroeconomics
d)
Microeconomics
9.
The things considered necessary for survival: food, water, shelter, clothing
a)
Needs
b)
Wants
10.
Goods and services not considered necessary for survival.
a)
Wants
b)
Needs
11.
The final purchase of goods and services by individuals, i.e.: consumer spending.
a)
Consumption
b)
Trade
c)
Price
d)
Production Cost
12.
The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
a)
Macroeconomics
b)
Microeconomics
c)
Economic Model
d)
Globalisation
13.
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses.
a)
Microeconomics
b)
Macroeconomics
c)
Economic Model
d)
Globalisation
14.
The activity or process of buying, selling, or exchanging goods or services.
a)
Trade
b)
Supply & Demand
c)
Outsourcing
d)
Market
15.
A multinational corporation relocating a piece (or all) of its manufacturing operations to factories in other countries (usually developing countries) in order to save money or increase efficiency.
a)
Outsourcing
b)
Globalisation
c)
Macroeconomics
d)
Trade
16.
A simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future (frequently a visual e.g. circular flow diagram or PPF).
a)
Economic Model
b)
Globalisation
c)
Economic Systems
d)
Economics
17.
Costs associated with the actual production of good or services (raw materials + labour).
a)
Production Cost
b)
Supply
c)
Demands
d)
Supply & Demand
18.
The quality of peoples' lives compared between countries. This can relate to their ability to provide themselves with food, shelter, clothing, health care, education and other important needs and wants.
a)
Living Standards
b)
Needs
c)
Wants
d)
Consumers
19.
When a person, business, region or country focusses on producing a limited range of goods or services. Allows employees, businesses, regions and countries to focus on the products and services they are best at.
a)
Specialization
b)
Trade
c)
Market
d)
Economy
20.
A place (physical or abstract) where buyers and sellers come together to engage in exchanges with one another.
a)
Market
b)
Market Economy
c)
Amazon
d)
Command Economy
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