NEW
Font size
WorksheetsPFET: Weeks 1 and 2 in Review
Total questions: 16
Worksheet time: 9mins
The advantage of a traditional economic system is:
economic roles are set and predictable
lower standard of living
changes every day
the government isinvolved
Which of these is neither a good nor a service?
a gallon of gasoline
a piano lesson
a meal at a restaurant
a $20 bill
Amazon Prime is selling Smencils ( smelly pencils). There are only a few packs left and they are very popular. What will happen to the price?
The price will go up
The price will go down
Scarcity is __________
having everything that you want and unlimited resoruces
having very little and limited resources
having unlimited wants but limited resources
having nothing that you want and no resources
Macroeconomics focuses on_________
Individuals that make economic decisions
the big picture,growth and development choices made by large groups
choices made by countries only
day-to-day activities
An example of opportunity cost is___________
If I attend class then I can't go to work.
If I attend class then I can go to sleep as well
If I don't attend class then I can't go to work.
The amount of goods or services available is called?
supply
demand
producer
consumer
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
demand goes up
demand stays the same
demand goes down
none of the above
Lucas fixes his friend's sink. He is providing a ______________
trade
opportunity cost
product
service
Physical items that you can touch and see are called:
Goods
Needs
Services
Wants
A person or company that makes,grows, or supplies goods to sell is called the?
demand
price
producer
shortage
According to the laws of supply and demand, when will companies produce more of a product?
When the price people will pay for it goes down
When demand decreases
When they can sell it for a higher price
When the economy turns downward
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
demand goes up
demand stays the same
demand goes down
none of the above
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
The price will go up
The price will go down
The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?
The price will go up
The price will go down
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
The price will go up
The price will go down
