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Unit 3 Mid-Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
2.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
3.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
4.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
d)
services
5.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

6.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

7.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

8.
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?
a)
The price will go up.
b)
The price will go down.
9.

What is the equilibrium price in this graph?

a)

$1.50

b)

$1.00

c)

$.50

d)

$2.00

10.

What happens if there is surplus?

a)

Sellers offer their products by lowering the price

b)

Sellers offer their products by raising the price

c)

Buyers are easy to find

d)

Sellers stick to the price they are offering

11.

What would result if the price were set at $1.75

a)

Surplus, Quantity Supplied is greater

b)

Shortage, Quantity Demanded is greater

c)

Quantity Supplied = Quantity Demanded

d)

$1.75

12.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
13.

Suppose that the market for coats is described as follows: What is the equilibrium price of coats?

a)

120

b)

100

c)

80

d)

60

14.

When the quantity demanded is greater than the quantity supplied it is known as

a)

equilibrium

b)

a shortage

c)

a surplus

d)

an opportunity cost

15.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
16.

According to this schedule, the equilibrium price for pizza is:

a)

$3

b)

$2

c)

$1

d)

$6

17.

At $1 there is a(n):

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Overload

18.

Every price higher than $3 would represent a(n):

a)

Surplus

b)

Shortage

c)

Equilibrium price

d)

Input cost

19.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
20.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
21.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
22.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
23.
What are tariffs?
a)
political boundaries between nations
b)
military blockades of specific countries
c)
disputes between state governments over boundaries
d)
taxes on the import or export of goods from a country
24.
When there is not enough of a certian good this is known as?
a)
economics
b)
scarcity
c)
services
d)
goods
25.
_______ is what happens when good and services are bought and sold.
a)
human resource
b)
capital resource
c)
economy
d)
trade
26.
The United States gets a lot of goods from China.  This is an example of the United States using ________.
a)
imports
b)
exports
27.
The United States sends billions of dollars worth of computers to other countries for sale.  This is an example of an _______
a)
export
b)
import
28.

Tennessee get cars made from Japan.

a)

Import

b)

Export

29.
Peaches grown in Maine are shipped to England.
a)
Import
b)
Export
30.

Kentucky got shoes made in China

a)

Import

b)

Export

31.

North Dakota received boots made in Canada

a)

Import

b)

Export

32.

Car parts made in Alabama are sold to Mexico.

a)

Import

b)

Export

33.
What is this a picture showing?
a)
a producer selling goods
b)
a producer giving a service
c)
a consumer getting goods
d)
a consumer getting a service
34.

Someone who buys and uses goods and services are called

a)

Consumers

b)

Producers

c)

Entrepreneurs

d)

Capitalists

35.

Someone who makes goods and services are called...

a)

Entrepreneur

b)

Consumer

c)

Producer

d)

Capitalist

36.

Who makes and sells goods?

a)

Consumers

b)

Producers

c)

Goods

d)

Services

37.

Does the fire station offer a good or a service?

a)

Good

b)

Service

38.

consumer or producer?

a)

consumer

b)

producer

39.

good or service?

a)

good

b)

service

40.

good or service?

a)

good

b)

service

41.

good or service?

a)

good

b)

service

42.

Letter A is the______________

a)

Producer

b)

Consumer

c)

Good

d)

Service

43.

Getting a tattoo would be considered a what?

a)

Consumer

b)

Good

c)

Producer

d)

Service

44.

_________ is the amount of people in a country who can read and write

a)

Standard of Living

b)

Gross Domestic Product

c)

Literacy Rate

d)

GDP per Capital

45.

What is a life expectancy?

a)

is the average number of years a person can expect to live at any given age

b)

is the average of how much everyone in the country makes

c)

is the lack of both money and the basic necessities needed for life, including: food, water, shelter, healthcare

d)

the amount of babies that die before their first birthday per year

46.

Which of the following best describes Standard of Living?

a)

Standard of Living is how happy people are in a country

b)

Standard of Living is only indicated (measured) by how poor or how rich people are in a country

c)

Standard of Living shows us exactly how every person lives in a country

d)

Standard of Living is the level of wealth and comfort in a country

47.

Which of the following are indicators (measures) of Standard of Living?

a)

Economic Activity

b)

Average Income

c)

Life Expectancy

d)

Literacy Rate

48.

What is the term for the amount of money the average person earns per year?

a)

Standard of Living

b)

Purchasing Power

c)

Average Income

d)

Salary

49.

Are living standards the same across the economy?

a)

Yes

b)

No

50.

Which of the following are indicators (measures) of Standard of Living?

a)

Economic Activity

b)

Average Income

c)

Life Expectancy

d)

Literacy Rate

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