WorksheetsEconomics
Total questions: 27
Worksheet time: 9mins
What is an Export?
A product
Something being shipped into the country
A service
Something being shipped out of the country
What is a Command Economy?
No one is in control
The government controls money, resources, prices etc.
Everyone is in control
Only a few are in control
What does it mean if something is scarce?
There is a lot of it
There is an unlimited amount of it
There is not a lot of it
There is only one of it
What is Production?
Destroying something
Selling something
Making something
Eating something
What has made Globalization easier today?
Technology
Resources
Goods
Services
What is a Mixed Economy?
Neither Command or Market economies
Both Market and Traditional combined
Both Command and Market combined
Both Traditional and Command
The study of Production, Distribution and Consumption of Goods and Services is known as what?
Christianity
Shark Tank
History
Economics
What is an Opportunity Cost?
Something that is stolen
Something given up in order to get something else
Something that is lost
Something that is made
What is Inflation?
General rise in prices over time
General decline in prices over time
General fall in prices over time
General nothing in prices over time
What is a Recession?
General rise in economic activity
Generally nothing in economic activity
General fight in economic activity
General decline in economic activity
Is Inflation good?
Yes
No
Is a Recession good?
No
Yes
If an economy is having a Boom, what does that mean?
It means it is doing well
It means it is doing badly
It means it is doing okay
It means it is doing nothing
What is Bartering?
Paying money for something
Consuming something
Trading something for something else
Selling something
In a barter, or trade, is there money involved?
Yes
No
What is an Import?
Something going out from somewhere
Something being destroyed
Something coming in from somewhere
Something being thrown away
What is a Traditional Economy?
Only money is involved
No one has a role
Only some people participate
There is no money involved
Who sets the prices and owns the resources in a Command Economy?
The Government
The People
The Police
The Wealthy
Most economies, including the USA, are defined as which type of Economy
Command
Mixed
Market
Traditional
The three main resources needed to run a business are?
Land, Labor, Entrepreneurship
Land, Labor, Capital
Land, Land and more Land
Just Capital
If there are only 5 gallons of milk left in the entire world, what is going to happen to the price of milk?
It will stay the same
It will decline
It wil rise
It will become $1
What is a good?
Something you can see, hold and buy
Something that does not exist
Something that is done for someone
Something that cannot be seen
What is a service?
Something you can hold and buy
Something that doesn't exist
Something that is made
Can't be seen, an action performed for someone
What is Distribution?
Creating something
Selling something
Having your product known to the public
Eating your product
Christmas is over, Wal-Mart has 100,000 boxes of Christmas merchandise, what is going to happen to the price?
It will go down
It will stay the same
It will go to $64
It will decline
What is Consumption?
Creating a product or service
Destroying a product or service
Using a product or service
Making a product or service
What is a Market Economy?
Run by the Government
Run by No One
Run by 2 people
Run by Supply and Demand
