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WorksheetsGrade 11 Trimester 1 Practice Questions
Total questions: 66
Worksheet time: 5hrs 11mins
Basic necessities of life are called
wants
resources
capital
needs
The basic economic problem is
scarcity
wants
Lunch
book
Things we desire to have are called
Needs
Wants
Resources
Phone
Which one of the following is a type of resource
Economics
Scarcity
Natural resource
Wants
Selection between two or more commodities are called
Opportunity cost
Choice
Scarcity
Alternative use of resources
Oil is an example of
Renewable resources
Non renewable resources
Human resources
Capital
Next best desired alternative forgone is called
Choice
Book
Want
Opportunity cost
consumption is
producing goods and services
using natural resources
use of goods and services to satisfy our wants
wasting resources
Physical and tangible things you buy are called
services
wants
goods
needs
any place where buyers and sellers come together with potential of transaction is
Market
House
Economy
Speaker corner
Demand is created by
Suppliers
Consumers
Producers
No one
how much of a good or service market can offer at a given price at a given period of time is called
Demand
Supply
Consumers
Market
Which of the following does Economics primarily study?
how scarcity can be eliminated
how firms manipulate prices
how government influences resource allocation decisions
the problem of scarce resources relative to human wants
Because of the problem of scarcity, ______________.
supply equals demand
prices are above equilibrium
socialism is superior to capitalism
people must make choices about how to use their resources
the government must impose high taxes on the citizenry
"Opportunity cost" is best defined as _____________.
the value of the the second-best alternative that is given up when one alternative is chosen
the cost of investing in a business opportunity
the cost of producing a particular good or service
the money that must be paid to do something
Businesses provide people with the opportunity to become wealthy.
True
False
A business must organize the people and equipment to provide the product.
True
False
Profit is the money left over after a business has paid the cost of providing its goods and services.
True
False
Companies thrive on competition or the contest between businesses to win the ________________.
producers
customers
prize
An activity to make or create new object for our needs
distribution
production
consumption
producer
In a centrally planned economy, the three key economic questions are answered by the
central government alone.
central government with input from industry.
marketplace alone.
marketplace with some government involvement.
A mixed economy is
a market-based, economic system based on free enterprise with some government involvement.
an economic system in which the government regulates all prices, production, and products.
exactly the same as a centrally planned economy.
the exact opposite of a free enterprise system.
A centrally planned economy is
always the most efficient economic system.
an economic system in which the government makes all the decisions about production and consumption of goods and services.
a form of free enterprise with minimal government involvement.
an economic system that has no government involvement.
The method used by a society to produce and distribute goods and services is
a production curve.
an economic system.
an opportunity cost.
the standard of living.
The struggle among producers for consumer dollars is
incentive.
self-interest.
competition.
laissez faire.
any arrangement that allows buyers and sellers to exchange things
market
circular flow model
demand
supply
The amount of goods/services available
supply
demand
quantity supplied
quantity demanded
The ____________________ states that consumers will buy more of a good when its price is lower and less when its price is higher.
law of demand
law of supply
product market
factor market
The ____________________ states that producers offer more of a good as its price increases and less as its price falls.
law of demand
law of supply
product market
factor market
All the economic resources necessary to produce society's goods and services
Natural Resources
Factors of Production
Scarcity
Communism
The things used to produce goods and services (i.e trucks, machinery, crates, etc.)
Labor Resources
Natural Resources
Capital Resources
Entrepreneurship
Workers who produce goods or services
Capital Resources
Labor Resources
Natural Resources
Entrepreneurial Resources
Raw materials which can be converted into goods
Entrepreneurial Resources
Natural Resources
Labor Resources
Capital Resources
The founder and person responsible for undertaking a business venture
Entrepreneurial Resources
Labor Resources
Capital Resources
Natural Resources
Humphrey fires 40 workers in order to buy more raw materials.
He sacrificed______for natural resources
Natural Resources
Labor Resources
Scarcity
Capital Resources
Maximilian creates a new way to shine shoes and creates a business out of it.
Maximilian is a(n)_________.
Natural Resource
Factors of Production
Scarcity
Entrepreneurial Resource
A cashier or a chef are examples of_______
Natural Resources
Labor Resources
Capital Resources
Entrepreneurial Resources
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.
Traditional to mixed
Command to traditional
Market to mixed
Command to mixed
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
Which economic system is both market and command combined and most democratic countries fall into this category?
Traditional
Command
Market
Mixed
Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?
Traditional
Command
Market
Mixed
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
Gross Domestic Product includes the market value of all FINAL goods and services produced within a country during a given period of time.
True
False
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
The business cycle is made up of how many phases?
5
4
3
2
GDP will begin to decline at-
the peak.
the trough.
the contractionary phase.
When contraction (recession) begins in a business cycle- the economy will experience
higher unemployment
lower inflation (deflation)
both a & b
Recessions can end if
workers choose to accept lower wages
government policy is enforced to help the economy recover
both a & b
The U.S. has had negative real GDP growth for the 8th straight month.
What part of the Business Cycle?
Expansion
Recession
Which of the following occurs when the economy is expanding?
Inflation decreases
real GDP decreases
Unemployment increases
Unemployment decreases
