Font size
WorksheetsEconomics Test Review
Total questions: 45
Worksheet time: 23mins
You vacuum the house, your sister cleans the bathroom, and your father folds the laundry. This is an example of:
productive capacity
scarcity
division of labor
opportunity cost
The grocery store normally gets 700 pounds of bananas. This week it gets 2,000 pounds of bananas. What is likely to happen next?
people will buy fewer bananas
the price of bananas will go down
the price of bananas will go up
the store will stop selling bananas
How much sales tax does a poor person pay on a car compared to a rich person?
the rich person pays more tax
the poor person pays more tax
they both pay the same amount
neither one pays anything
What is one reason an entrepreneur might take risks?
she likes working for other people
she does not have new ideas
she does not want to lose money
she wants to work for herself
Most people in the United States
live beyond their means
pay for college out of savings
save enough to stop working
live within their means
People usually borrow money from banks to buy
clothes
furniture
a home
food
water
Spending money the right way takes knowledge and practice. What is the MOST likely reason that people comparison shop?
to pay more for what they buy
to get the best deal
to borrow money
to budget
Saving money in the bank earns interest for your account. Why does the bank pay interest?
because you cannot use your money for a long time
because it is hard to get your money out of the bank
because it is using your money when you do not
because the bank is not open on most days
Companies in the U.S. and Canada often buy and sell things to one another. This is an example of
supply and demand
voluntary trade
division of labor
entrepreneurism
What is the MAIN benefit of having a checking account?
carrying cash wherever you go
keeping your cash safe from theft or loss
being able to borrow money from the bank anytime
saving up money for a large purchase in the future
McDonald's sells hamburgers, while Nike sells shoes. This is an example of:
supply and demand
recession
specialization
opportunity costs
When prices are high, demand goes down. When prices are low, demand goes up. If there is a shortage of basketballs on the market, the price of basketballs
should go up
should go down
should stay the same
should be cut in half
The store has decided to raise the price of televisions. What do you think will happen next?
fewer people will buy televisions from this store
fewer people will sell televisions at this store
more people will buy televisions at this store
no one will buy televisions at this store
What is the government’s role in the economy?
to collect taxes
to buy products
to work
to save
What is your role in the economy?
to work
to save money
to spend money
to pay taxes
What is a business's role in the economy?
collect taxes
produce and sell goods
consume goods
work
A limited amount of money that someone earns for their work?
budget
income
opportunity cost
comparison shop
A plan for how much money will be spent?
income
credit card
labor
budget
If you want something not in your budget the best plan would be...
save for what you want
borrow money from your parents
use a credit card
get a loan from the bank
Which is not a main reason to save money?
retirement
things you want
taxes
emergencies
What you give up by choosing one way of using resources instead of another.
opportunity cost
comparison shopping
item analysis
labor
Looking for items that are similar to the one you want to buy.
opportunity cost
income
budget
comparison shop
When you work to make money your work is called?
income
labor
budget
savings
When you work to make money, your money is called?
income
labor
budget
shopping
The total amount of things a group of people can produce?
maximum capacity
productive capacity
inductive capacity
capital goods
Something that can be used to improve productive capacity.
employer
surplus
budget
resource
Tools needed for making things.
division of labor
specicalization
capital goods
entrepreneur
Different workers doing different parts of a job.
division of labor
opportunity cost
income
budget
This is determined by how much a product costs and how difficult it is to get?
cost
price
amount
supply
When a product is hard to find.
supply
scarce
surplus
demand
When there is more of a product than is wanted by the consumer.
supply
surplus
demand
scarcity
Which of the following are not capital goods?
tractors
computers
people
machinery
The total amount of a product that producers are willing and able to produce.
surplus
demand
scarcity
supply
A business that makes a product.
employer
producer
consumer
competition
A person who buys a product.
buyer
competition
consumer
government
Rivalry between two or more different companies creates...
businesses
free market economy
problems
competition
The United States has which type of economy?
command
demand
free market
supply
When people trade with each other once they both agree.
voluntary exchange
sales tax
income
goods and services
A tax on the goods that you buy?
income tax
supply tax
goods tax
sales tax
A tax on the money that you earn?
Income tax
sales tax
business tax
credit tax
An account in which you put money in the bank so you take it out over time?
bank account
checking account
savings account
money market account
What is a percentage of the total amount of money?
loan
account
interest
income
Money that you borrow from the bank.
income
interest
savings
loan
This works like a credit card, but the money is withdrawn from your account immediately.
savings account
debit/ ATM card
gift card
cash
Most trades in the United States are for..
supply and demand
free market economy
goods and services
resources and technology
