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WorksheetsEconomics
Total questions: 30
Worksheet time: 26mins
_____________ are things that people make or use to satisfy their needs and wants.
Goods
Services
Producers
Consumers
________________ are people who use services or buy goods.
Producers
Resources
Pretty
Consumers
The term used when there is not enough of something to go around is __________________.
scarcity
economic choices
resources
opportunity cost
Basic things humans need to survive
need
want
import
demand
Extras that make life more enjoyable
want
need
producer
savings
how much of a good or service consumers want
demand
spending
producer
scarcity
The amount available
supply
demand
import
natural resource
A good made in the United States and sent to other countries
export
consumer
savings
taxes
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
At Christmas time, the Switch was so popular, that you couldn't find it in any stores. This is an example of:
consumer
scarcity
opportunity cost
service
In Lakewood, 50 people each want to buy a new car. They are each willing to spend $10,000. But the car dealership doesn't have any cars for sale at that price. What is the quantity of cars demanded at $10,000?
10,000
0
50
5,000
There are 100 people in line to buy a hot pretzel for $2. The owner of the pretzel cart brought 100 pretzels with her to sell. What is the quantity of pretzels supplied at $2?
(a)
Farmers will grow 1,500 potatoes if the price is $1 each. If the price is $2, they will grow 2,500 potatoes. What is the quantity of potatoes supplied at $2?
(a)
In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?
The supply went up
The supply went down
In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?
The supply went up
The supply went down
What is the equilibrium price of tablets in Georgetown?
$ (a)
At the equilibrium price, how many tablets will be sold in Georgetown?
(a) tablets
What is the equilibrium price of chairs in Hillsdale?
$ (a) each
At the equilibrium price, how many chairs will be sold in Hillsdale?
chairs
(a)
A clothing store has 50 scarves for sale. Each scarf costs $17. At that price, 85 people want to buy one.
Is there a surplus or a shortage of scarves?
Shortage
Surplus
There are 160 seats on a flight from New York to Chicago. Tickets for the flight cost $340. At that price, 230 people want to buy a ticket.
Is there a surplus or a shortage of plane tickets?
Shortage
Surplus
A poster company printed up 100 posters with its latest design. Posters cost $15 each. At that price, there are 80 people who want to buy one.
Is there a surplus or a shortage of posters?
Shortage
Surplus
Avocados were on sale yesterday for $1 each. The grocery store had 200 of them in stock. By the end of the day, they had sold 185 of them. What was the quantity of avocados demanded at $1?
(a)
There are 50 people in line to get a famous baseball player's autograph. But he only has time to sign 20. Each person in line is allowed to get only one autograph. What is the quantity of autographs supplied?
(a) autographs
Select the producer of the surfboard.
Select the producer of the necklace.
