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WorksheetsEconomics Quiz
Total questions: 25
Worksheet time: 13mins
What is the opposite of scarcity?
Limited Resources
Abundance
Shortage
An economic problem
If the demand for a product increases and supply remains high, producers typically increase the price of their goods.
True
False
Banks deposit money.
True
False
How do banks make money?
Making loans, accepting deposits, apply interest on loans given
Apply interest on loans given, make loans, accept deposits
Accept deposits, make loans, apply interest on loans given
Accept deposits, apply interest on loans given, make loans
Which of the following is NOT an example of human capital?
Higher education
Health
Vacation
Abilities
What is human capital?
Human clothes and shoes
Human skills and knowledge
Human money
Human cars
Producing is cheap in the United States so most sellers produce their products here.
True
False
What is not an external cost?
Environmental degradation
Health problems
Materials needed to create a product
Unemployment due to increased technology
What is a capital good?
any good used to help increase future production
any goods used by consumers and have no future productive use
Wood is an example of a capital good.
True
False
Exports are goods and services that are made in a country and sold outside its borders.
True
False
Why does trade lead to economic interdependence?
Countries rely on one another to supply products that they cannot produce themselves.
Countries want to trade with other countries so that they can become allies.
Countries are afraid of other countries so they decide to trade with them to be safe.
Countries can settle wars with other countries by agreeing to trade with one another.
WTO stands for World Trade Organization.
True
False
Which answer below is NOT one of the roles of the WTO (World Trade Organization)?
Promotes and manages free trade.
Settles disputes between countries.
Manages negotiation for new agreements.
Gives money to the best countries.
Who does the United States import a majority of its goods from?
Japan
China
Chile
India
NAFTA stands for North American Free Trade Agreement.
True
False
What is the best definition of a cost?
Something you give up to obtain something else
Something you receive from someone else
An amount of dollars
An amount of cents
What is the best definition of a benefit?
Something you give away
Something that you receive
Something that meets your wants
Something that you need
Imagine that you were going to have a birthday celebration at your house. In order to do this, you need to miss dance practice to clean the house. Is “missing dance practice to clean for your party” an example of a cost or a benefit?
Cost
Benefit
Imagine your parents bought a brand new car that was very small. Although you don’t love small cars, it’s a lot easier to fit into parking spots than the old van was. Is the fact that “this car is easier to park” an example of a cost or benefit?
Cost
Benefit
Identify whether this is an example of a good or service in the community?: Purchasing fresh green apples
Good
Service
Identify whether this is an example of a good or service in the community?: Getting a haircut at the local hair salon.
Good
Service
Which of the following is an example of a natural resource?
A pair of jeans
A computer
A plant
A kitchen sink
Which is not a role of financial institutions:
Monitor the Monetary System
Allow a higher level of economic activity
Loan Money Out
None of the above
The top five countries that the United States imports goods from are China, Canada, Mexico, Japan, and Germany.
True
False
