WorksheetsModule 5 Review Game
Total questions: 35
Worksheet time: 12mins
When will businesses produce more of a good or service?
when there is more opportunity
when they can charge more
during a lull in activity
while they have more supplies
Which factor of production leads to new ideas or products that often come with a risk of failure?
natural resources
capital
labor
entrepreneurs
What happens when a business is hurt by a drought, stock market crash, or some negative situation?
the business would experience expansion
there would be economic interdependence
an increase in income
a contraction would be caused
Which factor of production results in an exchange of payment?
capital
labor
expansion
contraction
When a farmer can afford to hire more workers, buy more farm equipment, or buy more land to farm, how does tis affect the farmer's business?
contraction
income
expansion
interdependence
Why are some products more difficult for consumers to find?
scarcity
surplus
abundance
overproduction
Things like tools, trucks, machines and factories fall under the category of which factor of production?
natural resources
capital
labor
entrepreneurs
What shapes how societies use factors of production?
economy
scarcity
opportunity
income
Which economic system allows individuals and businesses to make their own economic decisions with little government interference?
traditional
command
market
communist
What pushes producers to make better products at lower prices in capitalist economies?
consumer choice
producer preference
consumer profit
producer cost
Communist governments and economics were marked by what major issue?
shortages of food & goods
privately owned businesses
little government involvement
service industries
What could the end result be in a free enterprise system if a company acts unethically?
incentive to work
business growth
increased income
going bankrupt
What pays for public goods in the United States?
businesses
donations
taxes
incentives
Which level of industry involves raw materials such as grain, cattle, seafood, and coal?
primary industries
secondary industries
tertiary industries
quaternary industries
What happens when a country becomes more developed?
workers wages decrease
there is more specialization
fewer people work in primary industries
gross domestic product decreases
In a free enterprise system, the desire to make a profit encourages what?
communism
competition
specialization
incentives
What allows precise, flexible pricing of goods and services?
medium of exchange
store of value
unit of account
interest rate
How do banks allow people to borrow money?
checks
drafts
loans
lending
What helps determine how much businesses and individuals can charge?
intangibles
income
investments
supply & demand
What does inflation affect?
purchasing power of money
supply and demand
job opportunities
bartering power
What organization has worked with other nations to help trade among nations flow smoothly and freely?
World Trade Organization
United Nations
NATO
North American Free Trade Agreement
Which country has the US imposed an embargo on?
Russia
China
Cuba
South Korea
What helps countries expand their economies?
increased incentives
good weather
strong manufacturing
global trading
Who does the International Monetary Fund give emergency loans to?
qualifying nations
countries in financial trouble
developed nations
United Nations participants
What type of trade barrier is used least often?
tariff
quota
embargo
screening
What makes local residents more likely to buy products and services?
part of businesses are located in that country
increased supply raises prices
willingness to drive and purchase products
good advertising
Which is a reason for economic globalization?
it benefits developed nations
exposes unfair systems
creates jobs in developing countries
lowers standard of living and GDP
Why do countries encourage free trade?
Everyone receives all essential needs
it removes trade barriers between nations
there is no competition between countries
countries should not trade with each other
South Africa is one of the richest countries in the world because they specialize in what industry?
transportation industry
construction industry
mining industry
agriculture industry
Profit is an example of what?
incentives
specialization
demand
investment
Which government uses a communist economies?
Canada
South Korea
North Korea
India
Which of the following is an example of popular culture?
religion
literature
movies
education
What product was in scarce supply during quarantine lock down in 2020?
shampoo
headphones
toilet paper
wifi
The ability to buy running shoes that are made in China while living in the United States is an example of what?
global trade
telecommunication
tariff
trade barrier
In the relationship of risk and return, high risk will lead to what?
low return
equal return
no return
high return
