WorksheetsAKS 5 Economic Enviroment
Total questions: 25
Worksheet time: 13mins
The organized way a nation provides for the needs and wants of its people is referred to as?
Customs
Economy
Systems
Things used in producing goods and services are called?
Items
Property
Resources
Which of the following is NOT one of the factors of production?
Entrepreneurship
Labor
Capital
Roads
What is the physical development of a country referred to as?
Land
Infrastructure
Capital
The process of starting and running a business is called?
Philanthropy
Resources
Entrepreneurship
What is scarcity?
The available resources a country has and the wants of the people
The available land a country has that the wants of the people
The needs that a country has and how the government wants to use it
The difference between the wants and needs and available resources a country has
Which of the following is NOT one of the three goals of a healthy economy?
Increase productivity
Decrease unemployment
Maintain stable prices
High inflation
Which of the following is NOT on the key economic measurements used to determine economic strength?
Inflation rate
Gross domestic product
Unemployment rate
Stock market average
How can businesses increase productivity?
Investing in used equipment of facilities
Provide additional training for employees
Increase the workforce and decrease their responsibilities
The output of goods and services produced by labor and property within a country is known as?
GNP
GBP
GCP
GDP
The total dollar amount of goods and services produced by a nation is called?
GNP
GBP
GCP
GDP
The quantity of a good or service that consumers are ready to buy at a given time at a given price is referred to as?
Demand
Desire
Supply
Stock
The measurement of the amount and quality of goods and services that a nations people have is referred to as their?
Standard of want
Standard of work
Standard of living
Standard of life
Which measure for inflation measures change in price over a period of time for over 400 products and services used by the average household?
Producer Price Index
Consumer Price Index
Product Price Index
Which of the following is NOT one of the three questions a nation must ask when deciding how to use their limited resources?
Which goods and services should be produced?
How should the goods and services be produced?
For whom should the goods and services be produced?
Where should the goods and services be produced?
In which economic system does the government have no involvement in economic decisions?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
In which economic system does the government make all the economic decisions?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
Which of the following is NOT one of the five Utilities?
Form
Place
Information
Product
Changing raw materials or putting parts together to make them more useful is which utility?
Form
Place
Possession
Time
According to the law of demand the quantity of a good or service that consumers will buy varies inversely with the price.
True
False
According to the law of supply the quantity of a good or service offered for sale varies inversely with price.
True
False
According to the law of supply and demand the supply of a good or service will increase when the demand is great and will fall with the demand is low.
True
False
The point at which quantity buyers want to buy equals the quantity that sellers want to sell is known at equilibrium price.
True
False
When there is a change in the price of an item, but demand for that item stays constant is it said to be elastic.
True
False
Controlling inflation is one of the government’s major goals.
True
False
