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WorksheetsEconomics Test Review
Total questions: 53
Worksheet time: 29mins
Who is an entrepreneur?
capital resource
land resource
business owner
Which economic system is controlled by the government?
free enterprise
command
Which of the following is true about the free enterprise/market economy?
There is competition.
People control and own businesses and private property.
People are motivated by profit.
All of the above
Number of people that can read and write is called
GDP
life expectancy
literacy rate
The money made from all goods and services sold in a country in a year is called
life expectancy
GDP
infant mortality
Countries with high GDP, high literacy rate, and longer life expectancy are called
less developed
poor
developed
In Zimbabwe GDP per capita is $400 dollars in a year, life expectancy is 47 years, and infant mortality is 31 babies out of 1,000. Based on the data, we can conclude that Zimbabwe is
a more developed country
an underdeveloped country
Tangible or Physical things that people produce to satisfy people's wants or needs.
services
goods
producers
consumers
human resources
Work done or duty performed for another or others.
goods
producers
services
consumers
suppy
People who use or purchase goods and services.
consumers
producers
suppy
demand
human resources
People who work to make goods or are needed to perform a task.
human resources
capital resources
scarcity
barter
Tools, machines, factories, and buildings. Man-made physical resources.
producer
natural resources
human resources
capital resources
Not enough goods compared to the demand
broke
barter
scarcity
abundant
The quantity or amount of a good or service that are available.
demand
supply
wage
interest
The quantity or amount of a good or service that is wanted.
supply
demand
To trade not using money.
switch
swap
barter
profit
When the supply is greater than the demand of a good, the price ______________.
goes up
goes down
stays the same
When demand is greater than the supply of a good, prices _______________.
go up
go down
stay the same
A hospital, bank, restaurant, and dentistry are all examples of ________________.
goods
services
money
government property
When a product is hard to find
Scarcity
Supply and Demand
Expenses
Debit
The relationship between the amount of goods that exist and the amount that people are willing to buy
Taxes
Free Market Economy
Economy
Supply and Demand
The economic system that America uses to determine the worth of goods and products
Income
Economy
Free Market Economy
Controlled Economy
Government rulers tell members of society how the much to produce and the price.
Command Economy
Free Market Economy
Traditional Economy
The Chicken Economy
What will happen to the price of corn if almost no rain falls on corn crops?
The price will increase
The price will decrease
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
Where buyers and sellers exchange goods and services.
government
economics
market
Resources that come from nature: water, soil, trees, coal, etc.
natural resources
scarcity
market
The people needed to perform a task.
human resource
import
scarcity
consumer
Which is not used to determine (Indicate) a country's level of development?
GDP
Literacy Rate
Government System
Life Expectancy
The greater the country’s level of economic development, the —
higher the quality of life
higher the agricultural labor force
lower the cost of living
lower the urban population
What is the order of the sectors (levels) of economics?
Primary Tertiary, Quaternary, Secondary
Secondary, Tertiary, Secondary, Quaternary
Primary, Secondary, Tertiary, Quaternary
In the primary level...
raw materials are obtained.
raw materials are transformed into products.
jobs are provided in research.
In the secondary level workers...
work in shops.
obtain raw materials.
transform raw materials into products.
The basic system of structures (example-buildings, roads, and power plants) needed for the operation of a society and necessary for a strong economy.
rural
imports
free enterprise economy
infrastructure
The majority of the least developed countries can be found on which continent?
Africa
Asia
Europe
South America
What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?
Least Developed Country
Less Developed Country
More Developed Country
Third World County
Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?
Command Economy
Market Economy
Traditional Economy
This image represents which economic sector?
Primary Sector
Quinary Sector
Secondary Sector
Tertiary Sector
Which economic activity would managers and researchers fall under?
Primary
Secondary
Tertiary
Quaternary
