WorksheetsCE 11ab and CE 12bc Review
Total questions: 15
Worksheet time: 8mins
Mr. Jennings owns sneaker factory. He makes Air Force Ones for Nike in his factory. The factory produces millions of shoes yearly. O.S.H.A. a government agency checks to make sure the employees work in a safe environment.
Free Market Economy
Command Economy
Mixed Economy
Traditional Economy
Chippy Treats is a store that sells cupcakes. Last month Bizzy Sweets, another cupcake store, opened in the same shopping center. How does the opening of the new store most likely affect the buyers of cupcakes?
The price of cupcakes will increase
Customer service at both stores will improve
The quality of the ingredients will decrease
Fewer people will want to buy cookies
All of the following are characteristics of the United States economy EXCEPT-
Free Markets
Private Property
Consumer Sovereignty
No competition
Which of the following lines indicates the supply of an item?
1
2
3
4
Production of an item increases as the price increases. What term best fits this definition?
Law of supply
Law of production
Law of demand
Law of substitution
Which line demonstrates demand?
1
2
3
4
What does the sum of these two equal?
Price being the same
Supply decreases
Price increases
Price decreases
When supply is high and demand is low, the price of an item will-
increase
decrease
stay the same
none of the above
In which type of business do people share the profits and risks?
Proprietorship
Partnership
Corporation
Which type of business can act as a legal one entity regardless of the its number of owners?
Proprietorship
Partnership
Corporation
A proprietorship is owned by-
many people
one person
the government
two or more people
Based on the circular flow which is not part of the household?
Make products
Own resources
Buy resources
Sell resources
Government use tax revenue from individuals and businesses to provide-
for business expansion
goods and services
profits to buy more resources
public goods and services
Which term completes this economic flow chart?
Government
Wages
Public Goods and Services
Taxes
What do businesses do with the resources they buy from households?
Make public goods and services
Hire workers
Make goods and services
Sell the resources to the government
