WorksheetsModule 1 Review
Total questions: 16
Worksheet time: 7mins
Scarcity means...
that things are limited
that things are unlimited
that I am afraid
that I have what I need
I only have 1 hour and I can take a nap or watch YouTube. If I choose to take a nap, my opportunity cost would be...
more sleep
time
watching YouTube
the nap
Which of the following will not shift the demand for shoes?
the current price of shoes
A celebrity endorses the shoes on social media
Minimum wage increases to $12 an hour
The shoe company only makes sizes 7, 8, and 9
The graph above shows
a decrease in the demand for chocolate bars
a decrease in the quantity demanded for chocolate bars
an increase in the quantity demanded for chocolate bars
an increase in the demand for chocolate bars
An increase in price will cause
an increase in quantity demanded
a decrease in demand
a decrease in quantity demanded
a decrease in supply
The graph above shows
an increase in supply
a decrease in supply
an increase in demand
a decrease in demand
Which of the following will shift the supply curve for t-shirts to the right?
A new machine allows me to make t-shirts faster
The price of cotton goes up
Winter is coming and I expect more people to want sweatshirts
The price of t-shirts goes down
All of the following will increase demand for footballs EXCEPT:
It is fall and more kids start playing flag football
Minimum wage goes up
the price of footballs decreases
Parents expect the price of football to go up in the future
Where do you find the equilibrium point on the graph?
A
B
C
D
Which statement is correct?
Quantity supplied refers to how much will be produced at a specific price.
Price will shift the supply curve
Quantity demanded refers to the whole curve
Which situation best illustrates ALL THREE of the basic economic questions?
You start your own shirt design company and sell your services to local businesses.
You start your own shirt design company for fun, making shirts for your friends.
You pay a shirt design company to make shirts for you.
You start a shirt design company using your own equipment and serve local businesses.
Dominic is opening a pizzeria in which he will make pizzas from scratch as they are ordered. He is located on the boardwalk. Which of the three economic questions has he not considered?
For whom to produce?
How to produce?
What to produce?
When to produce?
Which of the following is currency?
Debit card
A $5 dollar bill
A check
A credit card
The US is still on the gold standard
True
False
Fiat Currency
is money used to buy a fast Italian car
money the government declares legal for use in payment
means that our currency is backed by gold
Your teacher says your history book is worth about fifty dollars. Your teacher is using money as a
Standard.
Store of value.
Measure of value
Medium of exchange.
