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Pre-Test Applied Economics

Total questions: 60

Worksheet time: 32mins

Name
Class
Date
1.

study of economics in relation to real world situations

a)

Microeconomics

b)

Macroeconomics

c)

Econometrics

d)

Applied economics

2.

the three problems of economics is what to produce, how to produce and ....

a)

when to produce

b)

where to produce

c)

which one to produce

d)

for whom it will be produced

3.

this is marketing of goods and services to different economic outlets for allocations to individual consumers.

a)

production

b)

distribution

c)

exchange

d)

consumption

4.

this factor of production is paid in the form of rent or lease.

a)

land

b)

labor

c)

capital

d)

entrepreneur

5.
Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys
a)
Demand
b)
Needs
c)
Wants
d)
Presents
6.
Wants are...
a)
desires for things that may or may not be necessities
b)
desires that can only be obtained by spending money
c)
are only tangible goods
d)
are only intangible goods
7.
Economics is...
a)
the study of how to meet unlimted, competing wants with limited resources
b)
the study of people and how they spend their money
c)
the study of how people need to budget their money
d)
the study of how to meet limited wants with limited resources
8.
The total value of goods and services produced in a country in a year, divided by number in the population
a)
GNI per capita
b)
PPP per capita
c)
GDP per capita
d)
Production 
9.
Who buys goods or services?
a)
Producers 
b)
Consumers 
c)
Leaders
d)
Followers
10.
What are needs? 
a)
Something that grows in nature
b)
Something that people would like to have
c)
Something people must have to live
d)
Something found on the moon
11.

This is what a consumer trades for a good or service.

a)

medium of exchange

b)

time

c)

food

d)

goods

12.
what is mixed economy 
a)
a free market 
b)
the country's money 
c)
market-base economics system with .limited government involvement. 
d)
the World Bank's money
13.
what is cost 
a)
law of increasing costs 
b)
growth 
c)
to an economist the alternative that is given up because of a decision.
d)
decay
14.
what is opportunity cost  
a)
a trade off 
b)
the most desirable alternative give up as the result of a decision.
c)
society 
d)
the most desirable give up as a result of force
15.
what is trade-off
a)
an alternative that we sacrifice when we make a decision. 
b)
to trade 
c)
opportunity cost 
d)
the more expensive alternative
16.
Economics is the study of how
a)
gov't allocates scare resources to satisfy people's unlimited wants.
b)
gov't supplies money to businesses to produce goods & services.
c)
people use their scarce resources to satisfy their unlimited wants.
d)
businesses supply unlimited goods & services with limited resources.
17.
In economics, resources are: 
a)
Anything used to create something else
b)
The environment in general
c)
Specifically lumber and water
d)
Capital only
18.

It is a condition when the supply of a good, service, or resource is not enough to meet the demand.

a)

scarcity

b)

shortage

c)

allocation

d)

elasticity

19.

Scarcity is the same as shortage.

a)

This statement is true

b)

This statement is false

c)

Both A and B

d)

None of the above

20.

Surplus could be solved by:

a)

Increasing the price

b)

Decreasing the price

c)

By wearing pants

d)

None of the above

21.

What determines the prices of goods and services?

a)

Supply

b)

Demand

c)

Supply and demand

d)

Goods

22.

What exists when quantity supplied is greater than quantity demanded?

a)

Surplus

b)

Shortage

c)

Overflow

d)

Mass outrage

23.

A market is said to be in equilibrium when

a)

when demand is higher than the supply

b)

when demand is lower than the supply

c)

when the demand and supply quantities are equal

d)

when the supply is doubled the demand

24.

the price at which a good is bought and sold in a market equilibrium is called

a)

retail price

b)

equilibrium price

c)

discount price

d)

base price

25.

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

a)

shortage

b)

surplus

c)

equilibrium

d)

supply

26.

What happens to price when the market has a surplus

a)

price drops

b)

price stays the same

c)

price increases

d)

price triples

27.

What is the price ceiling?

a)

The minimum price allowed set by the government

b)

The maximum price allowed set by the government

c)

The highest price on the market

d)

An overhead interior surface

28.

Defined as : of, relating to or made in one's own country.

a)

embargo

b)

service

c)

domestic

d)

tariff

29.

Defined as: an organized money system.

a)

service

b)

economy

c)

trade

d)

tariff

30.

Defined as: the goods and services produced in one country and purchased by residents of another country

a)

import

b)

export

c)

embargo

d)

economy

31.

Defined as: things that are made or grown and then sold

a)

services

b)

exports

c)

imports

d)

goods

32.

Defined as: to bring in a product or service from another country.

a)

imports

b)

goods

c)

services

d)

exports

33.

Defined as: the performance of a duty or work for another person

a)

good

b)

service

c)

export

d)

import

34.
A group of buyer and sellers of a particular good or service
a)
Supply
b)
Demand
c)
Agency
d)
Market
35.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
36.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
37.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
38.
Factors that cause the supply or demand to change are called?
a)
equilibrium
b)
shifter
c)
demand
d)
producer
39.
a person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
40.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
41.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
42.
In economics these concepts are called?
a)
rise and fall
b)
supply & demand
c)
customers and products
d)
surplus and shortage
43.

Industry that requires a lot of machines and equipment to produce a product is called what?

a)

Manufacturing

b)

Heavy

c)

Service

d)

Light

44.

I am a restourent owner and I like to keep my customers happy by providing them with excellent food and options?

what industry am I ?

a)

Wholesale

b)

Service

c)

Manufacturing

d)

Agriculture

45.

An industry that builds small products such as electronics and furniture is called what?

a)

Manufecturing

b)

Light

c)

Service

d)

Heavy

46.

The processing of raw materials into more valuable products falls under the category of

a)

Primary Industry

b)

Secondary Industry

c)

Tertiary Industry

d)

None of these

47.

Industries can be classified on the basis of

a)

Raw materials

b)

Size

c)

Ownership

d)

All of the above

48.

Types of Ownership

a)

Private, Raw, Public

b)

Landlord, Tenant

c)

Private, Public, Joint, Co-operative

49.

Which type of industry is this?

a)

Cottage industry

b)

small-scale industry

c)

Large scale industry

50.

The process of extracting rocks from underground is known as __________

a)

Manufacturing

b)

Mining

c)

Quarrying

51.

I am a restourent owner and I like to keep my customers happy by providing them with excellent food and options?

what industry am I ?

a)

Wholesale

b)

Service

c)

Manufacturing

d)

Agriculture

52.

I am a resturant owner and i need to buy supplies for my business.which industry would i buy from?

a)

wholesale

b)

agricultre

c)

manufacturing

d)

service

53.

I am the science,art and business for cultivting soil,producing crops and rising livestock,farming.

a)

Service

b)

Wholesaler

c)

Agriculture

d)

Retail

54.

How does a small industry start?

a)

People selling goods to one another

b)

Farmers planting seeds

c)

Lawyers drawing up contracts

55.

I am the organized action of making goods and services for sale

a)

Government

b)

Culture

c)

Economy

d)

Industry

56.

Which of the following is not a primary sector of Industries?

a)

Farming Industry

b)

Mining Industry

c)

Iron & Steel Industry

d)

Fishing Industry

57.

The processing of raw materials into finished products falls under the category of-

a)

Primary Industry

b)

Secondary Industry

c)

Tertiary Industry

d)

None of these

58.

Which is NOT one of the sectors of Industries?

a)

Primary sector

b)

Processing sector

c)

Secondary sector

d)

Tertiary sector

e)

None of the above

59.

Look at the image and identify the type of industry.

a)

small scale industry

b)

large scale industry

60.

What is an industry?

a)

A place where people sell and buy food

b)

Farming Lands

c)

Group of manufacturers producing goods or services

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