WorksheetsEconomic Unit Review
Total questions: 34
Worksheet time: 1hrs 19mins
What is a consumer?
A person who is a consumer
A person who makes good and services.
A person who does work for others
A person who buys goods and services.
What does GDP stand for?
Goods Domestically Produced
Gross Domestic Plans
Gross Domestic Product
__________ is the consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. For example: 18 students want to create a poster using blue paper.
Demand
Supply
Excess demand
Excess supply
What does Gross Domestic Product
mean?
The total value of all goods and services a country imports.
The total value of all goods and services a country exports.
The total value of all goods and services produced within a country in one year.
The net loss in profits within a country due to imports.
The___________ a country’s GDP, the better the country’s standard of living.
lower
greater
equal
None of the above
Export means
buying goods from another country
selling goods to another country
only making one kind of product
Imports are defined as:
Products brought in from another country
Goods sold to other countries
Products made/sold within a country
What is a Tariff?
A tax on imported and exported goods
A price marked on goods
Profit made from manufactured goods
countries that have a high per capita income and quality of life is generally good
Less Developed Countries
More Developed Countries
Supply
Demand
a shortage or lack of supply
demand
scarcity
consume
supply
The concept of Economics means:
a system of destroying, storing, and consuming goods and services
a system of not producing needed goods and services
a system of producing, distributing, and consuming goods and services
a system of growing plants and trees to better the environment
The value of the next best thing you give up whenever you make a decision is known as:
outsourcing
Inflation
scarcity
opportunity cost
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Shoes
Jacket
Dress
Purse
In 1962, President John F. Kennedy faced escalating tensions with Russia because they were caught building up nuclear weapons in Cuba. His response was to declare that the United States prohibited all imports and exports to and from Cuba. This decision is called:
Tariff
Embargo
Quota
What is inflation?
Increase general price level of goods and services
Increase price level from one private organisation
Decrease general price level of goods
Increase general price level of services
Peyton wants AF1 sneakers for her 11th birthday. Nike made only 300 shoes to sell in the United States even though thousands of people desire to buy them. The price of the shoe increases (meaning inflation) because of what reason:
demand
cost
built in
tariffs
Comparative advantage is defined as
a person/nation that has a higher opportunity cost of producing goods
a person/nation with the same opportunity cost as another
a person/nation that has a lower opportunity cost of producing goods
The transfering of work from a specific area of the company ( e.g. accounting, manufacturing) to an outside supplier, which can be done to a company that is located in the home country or anywhere else is called______.
Offshoring
Outsourcing
Globalization
Which of these is NOT a benefit of outsourcing jobs?
Residents in other countries learn about a company’s product
Workers in the UK. lose their jobs
A company makes a larger profit because the cost of labour is lower.
What is the purpose of NAFTA?
To increase trade between all countries
To help Canada become a more independent nation
To eliminate the environmental issues between the nations involved
This image shows some information about GATT (General Agreement on Tariffs and Trade) and the WTO (World Trade Organization). Determine if this statement is correct: The WTO was *NOT* able to handle trade issues/disputes quicker than GATT.
true
false
This picture shows a trade deficit because
trade is equal in exports and imports
imports are less than exports
imports exceed exports
none of the above
The country that has the LARGEST trade deficit with the USA is:
Canada
China
Germany
Japan
A trade surplus is when:
imports are equal to exports
imports exceed exports
countries sell (export) more than they buy (import)
None of the above
According this chart from 2018, the United States has a trade surplus with the country of ___________________.
Canada
China
Mexico
Japan
