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WorksheetsEconomics test review
Total questions: 25
Worksheet time: 17mins
Which of the following is true about the free enterprise/market economy?
There is competition.
People control and own businesses and private property.
People are motivated by profit.
All of the above
The quantity or amount of a good or service that are available.
demand
supply
wage
interest
To trade not using money.
switch
swap
barter
profit
When the supply is greater than the demand of a good, the price ______________.
goes up
goes down
stays the same
The relationship between the amount of goods that exist and the amount that people are willing to buy
Taxes
Free Market Economy
Economy
Supply and Demand
Government rulers tell members of society how the much to produce and the price.
Command Economy
Free Market Economy
Traditional Economy
The Chicken Economy
Define Supply
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?
shortage
surplus
Sometimes stores will put things on sale so that there won't be a surplus of goods leftover.
True
False
If 2 people want a soccer ball, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
A Trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
What name is given to the value of the next best alternative that you give up when you make a decision?
Trade-offs
Opportunity cost
Lost opportunities
Options
In my country my job is the same one that my family has done over the past 200 years.
Traditional
Command
Market
Mixed
,In my country, the government tells me where to work.
Traditional
Command
Market
Mixed
What will happen to the price of shoes if shoe producers have to pay higher wages to their workers?
The price will increase
The price will decrease
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
The price will increase
The price will decarese
