WorksheetsCivics 17.0
Total questions: 97
Worksheet time: 49mins
Name
Class
Date
1.
Which statement describes the impact on consumers when there is a lack of competition between businesses?
a)
an increase in product prices
b)
an increase in product quality
c)
an increase in consumer choices
d)
an increase in consumer satisfaction
2.
What is most likely to happen to a person who is more productive than another person in the labor market?
a)
He or she will be more competitive.
b)
He or she will pay more taxes.
c)
He or she will buy more products.
d)
He or she will gain more experience.
3.
Which statement best explains how competition motivates businesses in a free market economy?
a)
It leads them to offer the best products at the lowest prices possible.
b)
It leads them to offer the most unique products at the highest prices possible.
c)
It leads them to use less technology to ensure that they produce products at a low cost.
d)
It leads them give workers more benefits to ensure that they produce the highest quality products.
4.
Why do people start new businesses in a free market economy?
a)
the potential for profit
b)
the potential for monopoly
c)
the low levels of production
d)
the low levels of competition
5.
Which economic factor would result in lower prices for bottled water?
a)
increased competition among producers of bottled water
b)
increased demand for bottled water among consumers
c)
increased transportation costs associated with bottled water
d)
increased government regulations associated with bottled water
6.
How does competition motivate the decisions of two competing business owners who make similar products?
a)
Both owners will try to make a better product for less in order to sell more than the other.
b)
Both owners will use the other owner's ideas to improve their own products.
c)
Both owners will negotiate with each other to decide on fixed prices for their products.
d)
Both owners will try to charge more for their products in order to make more profit than the other.
7.
What is it called when one business is able to set the market price for a good?
a)
a monopolized market
b)
a free market
c)
a regulated market
d)
a competitive market
8.
Why is a monopoly a danger to a free market economy?
a)
It controls market prices.
b)
It controls interest rates.
c)
It controls quantity stored.
d)
It controls quantity demanded.
9.
How does competition motivate workers in a free market economy?
a)
Good workers can bargain for services and pay increases.
b)
Good workers can expect to be promoted and earn bonuses.
c)
Good workers have job security.
d)
Good workers accept less pay.
10.
The United States has a market econom
a)
t
b)
f
c)
j
d)
k
11.
The law of demand states that businesses will produce more products when they can sell them at higher price
a)
f
b)
t
c)
j
d)
k
12.
Capitalism encourages people to invest their money
a)
t
b)
f
c)
j
d)
k
13.
U.S. government regulations help protect the natural environment
a)
t
b)
f
c)
j
d)
k
14.
___ is a system based on private ownership of the means of production
a)
Capitalism
b)
profit
c)
scarcity
d)
monopoly
15.
___ refers to the right to buy and sell goods as you<br />want
a)
free market
b)
socialism
c)
profit
d)
scarcity
16.
___ states that buyers will want more products when<br />they can buy them at lower prices.
a)
law of demand
b)
free market
c)
Capitalism
d)
profit
17.
An economy in which people have the freedom to obtain goods in almost any way they choose is called ___
a)
market economy
b)
law of demand
c)
free market
d)
Capitalism
18.
is a principle that allows business owners to run their businesses in any way they see fit.
a)
free enterprise
b)
market economy
c)
law of demand
d)
free market
19.
states that businesses will produce more products when they can sell them at higher prices
a)
law of supply
b)
free enterprise
c)
market economy
d)
law of demand
20.
A company has ___ if it is the only one selling a product or providing a product or service
a)
monopoly
b)
law of supply
c)
free enterprise
d)
market economy
21.
is the lack of a particular resource
a)
scarcity
b)
monopoly
c)
law of supply
d)
free enterprise
22.
is the money that a business has left after it has paid its expenses
a)
profit
b)
scarcity
c)
monopoly
d)
law of supply
23.
what the U.S. economic system is called
a)
market economy
b)
traditional economy
c)
law of demand
d)
free enterprise
24.
right to buy and sell goods as you choose
a)
free market
b)
market economy
c)
traditional economy
d)
law of demand
25.
money a business has left after expenses
a)
profit
b)
free market
c)
market economy
d)
traditional economy
26.
businesses will produce more products when they can sell them at higher prices
a)
law of supply
b)
profit
c)
free market
d)
market economy
27.
system in which the means of production are owned by private citizens
a)
capitalism
b)
law of supply
c)
profit
d)
free market
28.
what a company has when it is the only one selling a product or providing a service
a)
monopoly
b)
capitalism
c)
law of supply
d)
profit
29.
lack of a particular resource
a)
scarcity
b)
monopoly
c)
capitalism
d)
law of supply
30.
principle that allows business owners to run their businesses in any way they see fit
a)
free enterprise
b)
scarcity
c)
monopoly
d)
capitalism
31.
buyers will want more products when prices are low
a)
law of demand
b)
free enterprise
c)
scarcity
d)
monopoly
32.
economy in which people grow their own food and make their own goods
a)
traditional economy
b)
law of demand
c)
free enterprise
d)
scarcity
33.
business owned by one individua
a)
sole proprietorship
b)
nonprofit organizations
c)
dividends
d)
stockholders
34.
business owned by two or more individuals
a)
partnership
b)
sole proprietorship
c)
nonprofit organizations
d)
dividends
35.
type of business that is recognized as a separate legal entity
a)
corporation
b)
partnership
c)
sole proprietorship
d)
nonprofit organizations
36.
shares of ownership in a business
a)
stock
b)
corporation
c)
partnership
d)
sole proprietorship
37.
people who buy shares in a company
a)
stockholders
b)
stock
c)
corporation
d)
partnership
38.
profits that go to corporate stockholders
a)
dividends
b)
stockholders
c)
stock
d)
corporation
39.
businesses such as charities and cultural programs
a)
nonprofit organizations
b)
dividends
c)
stockholders
d)
stock
40.
Corporation profits paid to stockholders are called
a)
dividends
b)
stockholders
c)
corporation
d)
nonprofit organizations
41.
Corporations raise money by selling ___ , or shares of ownership.
a)
stock
b)
dividends
c)
stockholders
d)
corporation
42.
A business in which two or more people share the responsibilities, costs, profits, and losses is known as a
a)
partnership
b)
stock
c)
dividends
d)
stockholders
43.
A small business owned by one person
a)
sole proprietorship
b)
partnership
c)
stock
d)
dividends
44.
provide goods and services without seeking to earn a profit
a)
nonprofit organizations
b)
sole proprietorship
c)
partnership
d)
stock
45.
type of business that is recognized as a separate legal entity
a)
corporation
b)
nonprofit organizations
c)
sole proprietorship
d)
partnership
46.
People who buy corporate stocks
a)
stockholders
b)
corporation
c)
nonprofit organizations
d)
sole proprietorship
47.
Corporations are permanent organizations that do not end when their owners die
a)
t
b)
f
c)
j
d)
k
48.
Sole proprietorships usually have two to three owners
a)
f
b)
t
c)
j
d)
k
49.
Nonprofit organizations are not taxed by the government
a)
t
b)
f
c)
j
d)
k
50.
If a partnership fails, the partners are not responsible for paying its debts
a)
f
b)
t
c)
j
d)
k
51.
Corporations may issue bonds to gain additional sums of money
a)
t
b)
f
c)
j
d)
k
52.
The directors of corporations are elected by the stockholders.
a)
t
b)
f
c)
j
d)
k
53.
Each share of stock entitles its owner to two votes for the board of directors’ election
a)
f
b)
t
c)
j
d)
k
54.
The American Red Cross and the American Heart Association are nonprofit organizations
a)
t
b)
f
c)
j
d)
k
55.
does not seek to earn a profit
a)
nonprofit organization
b)
partnership
c)
corporation
d)
stockholders
56.
receive dividends
a)
stockholders
b)
nonprofit organization
c)
partnership
d)
corporation
57.
Girl Scouts
a)
nonprofit organization
b)
partnership
c)
corporation
d)
stockholders
58.
recognized as a separate legal entity
a)
corporation
b)
stockholders
c)
nonprofit organization
d)
partnership
59.
will not end when owners die
a)
corporation
b)
stockholders
c)
nonprofit organization
d)
partnership
60.
Smith and Brown, Attorneys
a)
partnership
b)
corporation
c)
stockholders
d)
nonprofit organization
61.
take less risk in their investment than small business owners
a)
corporation
b)
stockholders
c)
nonprofit organization
d)
partnership
62.
have a vote in electing board of directors
a)
stockholders
b)
nonprofit organization
c)
partnership
d)
corporation
63.
two or more people share risks and responsibilities
a)
partnership
b)
corporation
c)
stockholders
d)
nonprofit organization
64.
is not taxed by the government
a)
nonprofit organization
b)
partnership
c)
corporation
d)
stockholders
65.
Small businesses owned by one person
a)
sole proprietorships
b)
state
c)
three
d)
nonprofit organization
66.
Businesses in which two or more people share the responsibilities, costs, profits, and losses
a)
partnerships
b)
sole proprietorships
c)
state
d)
three
67.
a type of business that is recognized as a separate legal entity
a)
corporation
b)
partnerships
c)
sole proprietorships
d)
state
68.
people who buy shares of ownership in corporations
a)
stockholders
b)
corporation
c)
partnerships
d)
sole proprietorships
69.
Corporations raise money by selling ___
a)
dividends
b)
stocks
c)
stockholders
d)
corporation
70.
Stockholders elect the ___ of a corporation
a)
directors
b)
dividends
c)
stocks
d)
stockholders
71.
provides goods and services without seeking to earn a profit
a)
nonprofit organization
b)
directors
c)
dividends
d)
stocks
72.
There are ___ basic types of business organizations
a)
three
b)
nonprofit organization
c)
directors
d)
dividends
73.
___ government(s) grant corporations the right to operate
a)
state
b)
three
c)
nonprofit organization
d)
directors
74.
A natural resource is considered a factor of production only when it is plentiful
a)
f
b)
t
c)
j
d)
k
75.
Entrepreneurs are people who start their own businesses
a)
t
b)
f
c)
j
d)
k
76.
The word labor is often used to mean workers as opposed to owners and people who manage companies
a)
t
b)
f
c)
j
d)
k
77.
Productivity refers to the amount of goods a business can produce in a year.
a)
f
b)
t
c)
j
d)
k
78.
Some people believe that the government has gone too far in doing its job as an overseer.
a)
t
b)
f
c)
j
d)
k
79.
Businesses can raise financial capital by taking out loans or by selling stock
a)
t
b)
f
c)
j
d)
k
80.
Examples of capital are trucks, machines, and office equipment.
a)
t
b)
f
c)
j
d)
k
81.
One decision business owners must make is whether to buy or rent their facilities
a)
t
b)
f
c)
j
d)
k
82.
When entrepreneurs start a new business, they are taking a risk
a)
t
b)
f
c)
j
d)
k
83.
Costs from government regulations may be passed on to consumers as higher prices
a)
t
b)
f
c)
j
d)
k
84.
Which of the following is a factor of production?
a)
all of the above
b)
labor
c)
entrepreneurship
d)
capital
85.
Which of the following does the U.S. government have a right to do?
a)
protect workers from discrimination
b)
tell businesses who to hire
c)
force people to buy certain products
d)
control the factors of production
86.
Which of the following is a natural resource that may be considered a factor of production?
a)
coal
b)
electricity
c)
air
d)
a hammer
87.
Sole proprietors can make
a)
all of the above
b)
a business prosper.
c)
a business fail
d)
decisions as to how a company will run
88.
Business owners have to build their own facilities.
a)
f
b)
t
c)
j
d)
k
89.
Office equipment is a form of capital
a)
t
b)
f
c)
j
d)
k
90.
All workers are paid hourly wages
a)
f
b)
t
c)
j
d)
k
91.
. Productivity is the amount of work produced by a worker in an hour
a)
t
b)
f
c)
j
d)
k
92.
Entrepreneurs are people who assume the risk of starting a new business
a)
t
b)
f
c)
j
d)
k
93.
The government regulates workers’ health and safety
a)
t
b)
f
c)
j
d)
k
94.
The U.S. government tells business owners what to charge for goods and services
a)
f
b)
t
c)
j
d)
k
95.
The Small Business Administration helps small businesses as they compete in the economy.
a)
t
b)
f
c)
j
d)
k
96.
A natural resource is considered a factor of production only when some payment is necessary for its use.
a)
t
b)
f
c)
j
d)
k
97.
All human effort used to produce goods and services is called labor
a)
t
b)
f
c)
j
d)
k
100 %
