wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Economics

Total questions: 50

Worksheet time: 31mins

Name
Class
Date
1.

money and goods used to help people make or do things

a)

capital

b)

recession

c)

inflation

d)

demand

2.

the lack of a resource

a)

demand

b)

inflation

c)

scarcity

d)

mixed economy

3.

goods sent from one country to another country in trade

a)

supply

b)

barter

c)

scale

d)

recession

4.

Buyers and sellers make the decisions.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

5.

Supply and demand determines how much an item costs.

a)

Traditional

b)

Communist

c)

Free Enterprise System

d)

Socialist

6.
Which type of economy is based on traditions and beliefs?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
7.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
8.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
9.
What type of economy does the USA have?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
10.

Who is an entrepreneur in the list below?

a)

farmer

b)

bulldozer

c)

business owner

d)

employee

11.

Who controls everything in a COMMAND (communist) economy?

a)

the people

b)

the world

c)

the government

d)

the poor

12.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
13.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
14.
A _____________ is a person who starts a business.
a)
Teacher
b)
Entrepreneur
c)
Actor
d)
Student
15.
A shortage of a resource is considered...
a)
Scarcity
b)
Surplus
c)
Profits
d)
Income
16.
Increase means:
a)
More
b)
Less
17.
Consumer interest and willingness to pay is...
a)
Surplus
b)
Supply
c)
Demand
d)
Goods
18.
Quantity means
a)
best item
b)
the amount
19.
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
20.
The study of how people make decisions given the resources that are provided to them.
a)
Economics
b)
Command Economy
21.
The voluntary exchange of goods and services without any government intervention.
a)
Market Economy
b)
Traditional Economy
22.
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.
23.
Which is an example of a capital resource?
a)
boats
b)
 timber (wood)
c)
physicians
d)
merchants
24.
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
25.
Which of these provides a service?
a)
Pumpkins
b)
Mailman
c)
Turtles
d)
Cars
26.
Which of these is a good?
a)
Librarian
b)
Teacher
c)
Computer
d)
Mechanic
27.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
28.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
29.

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

a)

fishing with a friend

b)

going to a concert

30.

Andrea has planned a trip to the beach for her family on Labor Day. Her daughter has been invited to the mountains by a friend. Her daughter decides to go to the beach. What is her opportunity cost?

a)

a trip to the beach

b)

a trip to the mountains

31.

Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?

a)

ride 4-wheelers with his son

b)

work overtime for his boss

32.

Lydia brought a salad for lunch today. Michelle is ordering pizza and asks Lydia is she would like to order. Lydia decides to eat her salad, what is her opportunity cost?

a)

salad

b)

pizza

33.

Jaleigh is going shopping with her Aunt and has $20. She wants to buy a pair of jeans and a shirt. The jeans are $15 and the shirt is $20. Jaleigh decides to buy the jeans, what is her opportunity cost?

a)

jeans

b)

shirt

34.

The opportunity cost of a good is

a)

its price in dollars and cents.

b)

the alternative goods forgone.

c)

the price of alternative goods foregone.

d)

none of the other options

35.

The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes (i) the loss of jobs in the coal industry, (ii) a cleaner environment, (iii) reduced coal production.

a)

(i), (ii) and (iii)

b)

(ii) and (iii)

c)

(iii) only

d)

(i) and (iii)

36.

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

a)

20 whips

b)

30 saddles

c)

50 whips

d)

60 saddles

37.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
38.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
39.

A market is said to be in equilibrium when

a)

when demand is higher than the supply

b)

when demand is lower than the supply

c)

when the demand and supply quantities are equal

d)

when the supply is doubled the demand

40.

the price at which a good is bought and sold in a market equilibrium is called

a)

retail price

b)

equilibrium price

c)

discount price

d)

base price

41.

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

a)

shortage

b)

surplus

c)

equilibrium

d)

supply

42.
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
43.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
44.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
45.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
46.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
47.
In economics these concepts are called?
a)
rise and fall
b)
supply & demand
c)
customers and products
d)
surplus and shortage
48.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

49.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

50.
Which of the following could cause the demand for airline travel to decrease? 
a)
The price for traveling by airplane decreases
b)
The price of traveling by airplane remains the same
c)
The price for traveling by airplane increases
d)
None of the choices

Similar Resources on Wayground

SIS Year 8 Kiwiathon

50 questions

SIS Year 8 Kiwiathon

quiz

Worksheet

•

6th - 8th Grade

Common Assessment Review

50 questions

Common Assessment Review

quiz

Worksheet

•

6th - 8th Grade

WWII Packet Quiz - Review

48 questions

WWII Packet Quiz - Review

quiz

Worksheet

•

5th - 8th Grade

World Cultures Semester 1 Review

52 questions

World Cultures Semester 1 Review

quiz

Worksheet

•

6th Grade

Age of Exploration

52 questions

Age of Exploration

quiz

Worksheet

•

6th Grade

AH - Unit 5 Review

55 questions

AH - Unit 5 Review

quiz

Worksheet

•

KG - 12th Grade

Midterm Exam Review

55 questions

Midterm Exam Review

quiz

Worksheet

•

6th - 8th Grade

Ancient Greece

50 questions

Ancient Greece

quiz

Worksheet

•

6th - 8th Grade