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Economics Review

Total questions: 57

Worksheet time: 29mins

Name
Class
Date
1.

Which of the following is an example of the effects of competition in the economy?

a)

A gas station goes out of business because of a fire.

b)

A gas station raises its prices because of an oil shortage.

c)

A gas station lowers its prices when the price of oil goes down.

d)

A gas station lowers its prices when a new gas station opens up next door.

2.

What is the study of the way goods and services are made and used?

a)

market

b)

geography

c)

economics

3.

People who produce goods and services.

a)

producer

b)

consumer

c)

market

4.

What you give up when making a decision.

a)

long term goal

b)

opportunity cost

c)

producer

5.

Lack of available resources.

a)

services

b)

scarcity

c)

goods

6.

Resources that come from nature: water, soil, trees, coal, etc.

a)

natural resources

b)

scarcity

c)

market

7.

Someone who buys or uses goods and services.

a)

producer

b)

services

c)

consumer

8.

Products that can be bought and sold.

a)

producer

b)

goods

c)

services

9.

Work that is done by others.

a)

services

b)

consumer

c)

economics

10.

A plan to help people make personal economic decisions for the present and future and to become more financially responsible.

a)

budget

b)

cost

c)

market

11.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
12.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
13.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
14.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
15.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
16.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
17.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
18.
How much people want something
a)
supply
b)
demand
19.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

20.

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

21.
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
22.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
23.

A Market Economy is based on?

a)

Goods and Services

b)

Goods and Products

c)

Supply and Demand

d)

Service

24.

Which of the following is a capital resource?

a)

sewing machine

b)

money

c)

scissors

d)

All of the above

25.

Competition is a benefit of a consumer- driven economy.

a)

true

b)

false

26.

Planning how money will be spent

a)

economy

b)

standard of living

c)

budget

27.
Economy is...
a)
The wealth and resources of a country or region.
b)
Something we talked about in the old days only.
c)
Not something kids need to know.
d)
Something that is made up by the government.
28.
What are human resources?
a)
People who make and sell your products.
b)
Things found in nature used to make a product.
c)
Goods made and used to produce other goods and services.
d)
Not having enough people to work.
29.
What are natural resources?
a)
People who make and sell your products.
b)
Things found in nature used to make a product.
c)
Goods made and used to produce other goods and services.
d)
Nature is a beautiful place.
30.
What are incentives?
a)
The amount of product in the market.
b)
Something that makes someone more likely to want an item.
c)
The person or business that offers the good or service.
d)
Items that are produced in an economy.
31.
What is specialization?
a)
Method of production to increase efficiency.
b)
Method of production to decrease efficiency.
c)
Special goods and services in an economy.
d)
Services for people with special needs. 
32.
Something people use is called  ____________.
a)
a Need
b)
a Resource
c)
an Export
33.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
34.
Importing and Exporting are needed because countries specialize.
a)
True
b)
False
35.

Which one is unlimited?

a)

Needs

b)

Wants

36.

Which is not a question asked in an economic system?

a)

What to produce?

b)

How to produce it?

c)

Who will produce it?

d)

How was your day?

37.
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
38.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
39.

Which of the following is an example of the effects of competition in the economy?

a)

The price of oranges goes up when Florida has a drought.

b)

Shoppers have to pay sales tax on all items they buy

c)

Retired people receive payments from the government.

d)

A small hardware store closes when a large Home Depot store opens nearby.

40.

Which of the following is an example of the effects of competition in the economy?

a)

The price of oranges goes up when Florida has a drought.

b)

Shoppers have to pay sales tax on all items they buy

c)

Retired people receive payments from the government.

d)

A small hardware store closes when a large Home Depot store opens nearby.

41.

Tom grows vegetables and sells them to the local neighbors. They have always liked Tom's vegetables, but a new grocery store opened around the corner. The store sells vegetables too, and many of Tom's neighbors shop there instead. This means that the demand of Tom's vegetables has gone down.

a)

True

b)

False

42.

Why are fire departments considered a public service?

a)

The government makes sure firefighters considered are qualified

b)

they often include a group of local volunteers

c)

Fire departments will help all citizens of the public

d)

They are created and funded by the government

43.

Pick the producer.

a)
b)
44.

Pick the consumer.

a)
b)
45.

People and businesses who use resources to make goods and services

a)

producers

b)

consumers

c)

resources

46.

People who buy or use goods and services to satisfy their personal needs and wants

a)

consumers

b)

producers

c)

resources

47.

A good that is used to produce many other goods and services

a)

capital resource

b)

human resource

c)

natural resource

48.

Actions that satisfy people's needs and wants

a)

goods

b)

consumers

c)

services

49.

Objects that can satisfy people's needs and wants

a)

goods

b)

services

c)

producers

50.

A useful material found in the environment

a)

Natural Resource

b)

Scarcity

c)

Renewable Resource

d)

Economics

51.

If the weather was cold and rainy, the demand for lemonade would be...

a)

High

b)

Low

52.

If the weather was hot and sunny, the demand for lemonade would be...

a)

High

b)

Low

53.

The citizens control the prices in this type of economy

a)

Traditional

b)

Market

c)

Command

d)

Mixed

54.
Which of these is a human resource?
a)
Iron
b)
Teacher
c)
Building
d)
Road
55.

Which of the following is an example of a way the government uses tax money to provide goods and services?

a)

Fixing a Road

b)

Having a picnic in your backyard

c)

Walmart

d)

A dog walking business

56.
Evan has $15.00. He can spend it on a new video game or save for a new iPod. If He gets the video game what is his opportunity cost?
a)
His $15.00 is gone!
b)
He doesn't get the iPod.
c)
The video game.
d)
What's an opportunity cost?
57.

Choose the answer which lists only services that are paid for by taxes.

a)

groceries, houses, cars, parks

b)

gymnastics, furniture, shopping, stores

c)

building roads, military, US Postal Service

d)

vacations, toys, bicycles, roads

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