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Economics: What do you know?

Total questions: 100

Worksheet time: 1hrs 15mins

Name
Class
Date
1.

Using income for purchases, expenses, and debt

a)

spending

b)

savings

c)

goods

d)

services

2.

Tangible things purchased by consumers

a)

goods

b)

consumer

c)

producer

d)

supply

3.

A person who provides a good or service

a)

producer

b)

need

c)

want

d)

consumer

4.

A person who purchases a good or service

a)

consumer

b)

taxes

c)

supply

d)

good

5.

Basic things humans need to survive

a)

need

b)

want

c)

import

d)

demand

6.

how much of a good or service consumers want

a)

demand

b)

spending

c)

producer

d)

scarcity

7.

The amount of a good or service available for consumption

a)

supply

b)

demand

c)

import

d)

natural resource

8.

money paid to the government through income, sales, and purchase of property

a)

taxes

b)

goods

c)

scarcity

d)

human resource

9.

service provided by a person

a)

human resource

b)

import

c)

scarcity

d)

consumer

10.

goods made to use in the production of other goods

a)

capital resouces

b)

demand

c)

taxes

d)

export

11.

A good made in the United States and sent to other countries

a)

export

b)

consumer

c)

savings

d)

taxes

12.

not having enough

a)

scarcity

b)

supply

c)

human resouce

d)

taxes

13.
What term refers to a good that comes into a country?
a)
Trade
b)
Migration
c)
Export
d)
Import
14.
When something given up for something else is called?
a)
Choice
b)
Capitalism
c)
Inflation
d)
Opportunity Cost
15.
What economy is where the government has total control of the economy. Businesses are not privately owned.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
16.
What is the definition of economics?
a)
The study of human behavior and attitudes
b)
The study of past events and the impact they have had on people
c)
The study of political and social interactions
d)
The study of the production and distribution of goods and services
17.
One of the important parts of economics is interdependence. Which of the following is an example of interdependence?
a)
People make their own clothing.
b)
People often move to places that aren't as crowded.
c)
People need goods and services provided by other people.
d)
People grow their own food.
18.
In economic terms, which action shows a person acting as an investor?
a)
A person sells a car to a neighbor.
b)
A person puts money in a savings account.
c)
A person drives students to school.
d)
A person buys a new pair of shoes.
19.

1. A person who starts a business to produce a new product in the marketplace is known as:

a)

A manager.

b)

A bureaucrat.

c)

An entrepreneur.

d)

Consumer

20.

Who is known as the Father of Economics?

a)

Adam Smith

b)

J.B.Say

c)

Ricardo

d)

Boulding

21.
Is this shelter a want or a need?
a)
Want
b)
Need
22.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
23.
This type of economy is passed down through family traditions. They learn from their parents. 
a)
Traditional 
b)
Market 
c)
Mixed 
d)
Command 
24.

Which type of economy has central ownership, the government, and lack of individual choice?

a)

Market

b)

Mixed

c)

Command

d)

Traditional

25.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
26.

Who invented communism?

a)

Plato

b)

Karl Marx

c)

Paul Samuelson

d)

Adam Smith

27.

Capitalism is in what type of economy?

a)

Traditional

b)

Command

c)

Market

d)

Authortarian

28.

This means that the government should not interfere in the marketplace.

a)

Laissez Faire

b)

Capitalism

c)

Communism

d)

Socialism

29.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

30.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

a)

subsistence

b)

specialization

c)

scarcity

d)

bartering

31.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

32.

The development of a worldwide economy where resources flow fairly freely across borders.

a)

Globalization

b)

Economy

c)

GDP

d)

Economic Independence

33.

Privatization refers to ....

a)

Transfer of assets from people to government

b)

Transfer of assets from public to private organizations

c)

Transfer of assets from corporate to public

d)

Transfer of assets from corporate to government

34.

Buyers choose what items are produced based on their spending habits

a)

Consumer Sovereignty

b)

Factors of Production

c)

Efficiency

d)

Cost / Benefit Analysis

35.
The driving force behind people going into business is
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
36.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
37.
The use of trade barriers to protect a nation’s industries from foreign competition
a)
Balance of trade
b)
NAFTA
c)
Quotas
d)
Protectionism 
38.
Exports minus imports or how many goods a county exports versus imports
a)
Exports
b)
Subsidy
c)
Quotas
d)
Balance of Trade
39.
Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
ASEAN
d)
CARICOM
40.
Limit of the amount of a good that can be imported
a)
Subsidy
b)
Quota
c)
Exports
d)
Appreciation 
41.
Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the government
a)
Balance of trade
b)
protectionism
c)
exchange rate
d)
subsidy
42.
Measure the price of one nation’s currency in terms of another nation’s currency 
a)
appreciation 
b)
depreciation
c)
exchange rate
d)
balance of trade
43.
When a nation imports more than it exports, economists say it has which of the following?
a)
A trade surplus
b)
A balance of trade
c)
A trade deficit
d)
A national difference
44.
What happens when a nation’s currency depreciates?
a)
Its products become more expensive to other nations
b)
Its products become cheaper to other nations and exports may increases
c)
Nothing
d)
It halts all trade
45.
Suppose the US decreases the tariff on imported beef which makes foreign beef cheaper than US beef. What would the consequences be?
a)
There would be an increase in the number of imported beef and the number of beef produced in the US
b)
There would be a decrease in the number of imported beef and the number of beef produced in the US
c)
There would be an increase in the number of imported beef and a decrease in the number of beef produced in the US
d)
There would be a decrease in the number of imported beef and an increase in the number of beef produced in the US
46.
Those in favor of protectionist trade policies would most likely
a)
Believe that restrictions harm consumers
b)
Argue in support of free trade
c)
Support a massive reduction in tariffs
d)
Cite the need to preserve domestic industries and jobs
47.
Suppose that there is a balance of trade in both the US and Canada. Then, the US dollar appreciates against the Canadian dollar. What would the likely outcome be? 
a)
A trade deficit in both countries 
b)
A trade surplus in Canada
c)
A trade surplus in the US
d)
A trade deficit in Canada
48.
What is an official ban on trade or other commercial activity with a particular country?
a)
Tariff
b)
Product standard
c)
Embargo
d)
Quota
49.
Which of the following is NOT an argument in favor of protectionism?
a)
Protectionism shields infant industries from competition
b)
Protectionism safeguards workers’ jobs
c)
Protectionism promotes industries that are essential to national security
d)
Protectionism makes domestic firms more competitive in the long run
50.

The total value of goods and services produced within the a country during one year.

a)

Gross Domestic Product (GDP)

b)

Gross National Income (GNI)

c)

Gross Food Cafeteria (GFC)

d)

Human Consumption Chart (HCC)

51.

There are 4 _______________. They are land, labor, capital and entrepreneurship.

a)

Factors of Production

b)

Market Economy

c)

Profit

d)

Economics

52.

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

a)

Labor

b)

Capital

c)

Revenue

53.

The four factors of production.

a)

Machines, Money, Oil, Plastic

b)

money, big cars, money, diamond rings

c)

Natural Resources, Labor, Capital, Entrepreneurship

54.

Name for the risk-taking businessmen who start businesses and are one of the factors of production.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

55.

This measurement is used to determine how well a country's economy is doing.

a)

Stock Market Prices

b)

Gross National Assessment

c)

Gross Domestic Product

56.

Phrase that means how good a person's quality of life is.

a)

Opportunity standard

b)

Standard of living

c)

rent control

57.
All of the following are possible costs of your decision to go away to college except
a)
You will spend lots of time studying
b)
There may be a lot of social distractions
c)
You will become more educated
d)
You will be paying a lot of money
58.
What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
a)
Work
b)
Money
c)
Sleep
d)
Time
59.
What is the best example of scarcity
a)
The restuarant is not crowded tonight 
b)
The school parking lot only has 150 spaces but 200 students want to park there
c)
There are 500 houses in the subdivision and 250 of them are occupied
d)
A person decided to dye her hair blonde instead of red
60.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
61.
What factor of production does this picture represent?
a)
Land
b)
Capital
c)
Labor
d)
Entrenprenour
62.
The basic problem of economics that develops because humans have unlimited wants but limited resources.
a)
Absolute Advantage
b)
Economics
c)
Scarcity
d)
Comparative Advantage
63.
The factor of production that includes the physical land and resources that come directly from the earth.
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship 
64.

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

a)

Comparative Advantage

b)

Equilibrium Point

c)

Income Effect

d)

Opportunity Cost

65.

Which of the following is true?

a)

Needs, wants, and resources are all unlimited

b)

Needs and wants are unlimited but resources are limited

c)

Needs and wants are limited but resources are unlimited

d)

Needs, wants, and resources are all limited

66.
Which of these is NOT an example of a need?
a)
Water
b)
Food
c)
watch
d)
Shelter
67.
Which of the following in an example of LAND.
a)
Coal
b)
Office Building
68.
House: Goods or Service?
a)
Goods
b)
Service
69.
According to an economist, which of the following would be considered "scarce"? 
a)
A teacher 
b)
A worker at McDonalds 
c)
An Astronaut 
d)
A youth baseball coach 
70.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
71.

goods naturally found on the earth

a)

natural resources

b)

supply

c)

demand

d)

services

72.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
73.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
74.

Buyers and sellers make the decisions.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

75.

Supply and demand determines how much an item costs.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

76.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
77.
What type of economy does the USA have?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
78.

Most people in a developing country work in which level of industry?

a)

Secondary (manufacturing)

b)

Tertiary (selling)

c)

Primary (agriculture)

d)

Quarter (1/4 a dollar)

79.

Country: Barksdalia

Per Capita GDP: $45,000

Life Expectancy: 85

Literacy Rate: 95%

a)

Developed

b)

Developing

80.
A plan for managing a person's income and expenses is..
a)
Income
b)
Scarcity
c)
Savings
d)
Budget
81.
Consumer interest and willingness to pay is...
a)
Surplus
b)
Supply
c)
Demand
d)
Goods
82.
When there is more than enough to meet demands, there is a...
a)
Shortage
b)
Scarcity
c)
Surplus
d)
Supply
83.
What is a commodity?
a)
a product
b)
a bathroom facility
84.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
85.
The plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).
a)
Human Resource
b)
Capital Resource
86.
Produces a variety of goods and services, as well as supports new ideas, services and goods.
a)
Advantages of a Market Economy
b)
Advantages of Command Economy
87.
If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?
a)
The demand for asparagus will go down.
b)
The price of asparagus will go up.
88.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes are was hight but the demand was low.
b)
Supply for the Nikes was low but demand was high.
89.
Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).
a)
Disadvantage of Traditional Economy
b)
Disadvantage of Market Economy
90.
Which is an example of a capital resource?
a)
boats
b)
 timber (wood)
c)
physicians
d)
merchants
91.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
92.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
93.

The buildings, machines, and tools that companies use to make products

a)

capital resources

b)

human resources

c)

natural resources

d)

entrepreneurs

94.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
95.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
96.

Using income for purchases, expenses, and debt

a)

spending

b)

savings

c)

goods

d)

services

97.
Type of Economy that is half command and half market
a)
Traditional
b)
Command
c)
Market 
d)
Mixed
98.
Type of economic system where there is no government control.
a)
Mixed
b)
Market
c)
Free Enterprise
d)
Command
99.
Someone that takes risks and opens his or her own business.
a)
Buyer
b)
Capital Good
c)
Consumer
d)
Entrepreneur
100.

In a free market capitalist system, you want to buy Air Force 1 sneakers for $120 this week. You have $50. What's next?

a)

Negotiate with the retailer to lower the price to $50

b)

You are out of luck - you go without. :(

c)

Trade my old shoes for the new shoes. Nike loves getting old sneakers.

d)

Apply to the appropriate government agency to help you with the cost.

e)

You can't have them in this country. The government decides what type of sneakers are produced and at what price they are for sale, and Air Force1's are not it.

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