WorksheetsPRINBMF Ch 3 & 2
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
What is not one of the main economic roles?
a)
Consumer
b)
Worker
c)
Citizen
d)
Artist
2.
Means the quantity of a product or service that consumers are willing and able to buy at a particular price.
a)
Supply
b)
Demand
c)
Competition
d)
Consumer
3.
The quantity of a product or service that businesses are willing and able to provide and a particular price.
a)
Supply
b)
Demand
c)
Competition
d)
Equilibrium
4.
The site which the supply curve intersects the demand curve.
a)
Supply
b)
Public Goods
c)
Competition
d)
Equilibrium
5.
The way you live measured by the kinds and quality of goods and services you can afford.
a)
Productivity
b)
Public Goods
c)
Standard of Living
d)
Equilibrium
6.
The quality of a good that an average worker can produce in an hour
a)
Productivity
b)
Public Goods
c)
Standard of Living
d)
Equilibrium
7.
Something needed by a community and provided by its government
a)
Productivity
b)
Public Goods
c)
Standard of Living
d)
Equilibrium
8.
All activities involved in developing and exchanging products
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
9.
An economic system where the economic resources are privately owned by individuals rather than the government
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
10.
Actions taken by two or more businesses attempting to attract the same customers
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
11.
Economy in which economic decisions are based on a society’s values, cultures, and customs
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
12.
An economy in which the government makes all the economic decisions for its citizens
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
13.
Organized way in which a nation chooses to use its resources to create goods and services
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
14.
An economy in which individuals are free to make their own economic decisions (also known as free enterprise)
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
15.
Anywhere buyers and sellers meet to buy and sell goods and services
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
16.
Individuals have the right to own property
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
17.
Also known as a market economy or free enterprise
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
18.
The difference between the income earned and expenses incurred by a business during a specific period of time
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
19.
The profit motive provides incentives for owners to work hard
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
20.
Individuals have the right to buy and sell in a marketplace where prices are freely set by the forces of supply and demand
a)
Voluntary Exchange
b)
Private Enterprise
c)
Profit
d)
Profit Motive
100 %
