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Review Economics

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Which of the following describes an entrepreneur?

a)

A person who is hired to work in a factory.

b)

A person who organizes, operates, and assumes the risk for a business venture.

c)

A person who organizes loans the money to a new business just getting started.

d)

A person who invests in businesses to make money.

2.

Which of the following is provided by banks?

a)

park maintenance

b)

transportation system

c)

checking accounts

d)

national defense

3.

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

a)

market

b)

geography

c)

economics

4.

Where buyers and sellers exchange goods and services.

a)

government

b)

economics

c)

market

5.

People who produce goods and services.

a)

producer

b)

consumer

c)

market

6.

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

a)

capital resource

b)

human resource

c)

natural resource

7.

a resource from nature that can be used to produce goods and services or to meet people's needs

a)

capital resource

b)

human resource

c)

natural resource

8.

the time, talents, and skills of a person who helps produce goods and services

a)

capital resource

b)

human resource

c)

natural resource

9.

If the government subsidizes part of your income and you are able to get food stamps and fly on the National airlines. But you are still able to open a business what kind of Economic system do you live in?

a)

Mixed economy

b)

Free market economy

c)

Command Economy

d)

Traditional economy

10.

What level of economic activity is the lady in the green (the one on the right)?

a)

Secondary

b)

Primary

c)

Quaternary

d)

Tertiary

11.

Which economic system uses bartering?

a)

Free Market

b)

Command

c)

Mixed

d)

Traditional

12.

What are the Factors of Production?

a)

land, money, manufacturing, and workers

b)

labor, capital, supply, and demand

c)

land, labor, capital, and entrepreneurship

d)

entrepreneurship, innovation, natural resources, and money

13.

When something is used it, it is _____.

a)

services

b)

consumed

c)

entrepreneur

d)

labor

14.

The fact that we do not have unlimited quantities of resources is good example of what term?

a)

Scarcity

b)

Economics

c)

Distribution

d)

Consumption

15.

The global leading producers of oranges include China, Brazil, Mexico, and Florida. Which factors of production are not most affected by a drought in any of these countries?


Select all that apply.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship