WorksheetsBenchmark Two: Part 1
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
1. Green Flag= Everyone Welcome 2. Yellow Flag= Commercial Vehicles Welcome, Private Cars and Trucks Limit 10 Gallons 3. Red Flag= CLOSED NO GAS! What problem most likely led to this sign being posted?
a)
Electric grid failure
b)
Oil scarcity
c)
Food rationing
d)
Water shortage
2.
What are the factors of production that are used to produce goods and services called?
a)
Incentives
b)
Resources
c)
Scarcity
d)
Price
3.
Natural, Human, Capital, Entreprenuership, Good and Services all go into… Which economic concept would best complete the flow chart?
a)
Opportunity Cost
b)
Consumption
c)
Scarcity
d)
Production
4.
Dustin has $10. He can buy a ticket to a movie or ticket to a baseball game. He decides to go to watch the movie. What term best represents the baseball game?
a)
His incentive
b)
His opportunity cost
c)
His demand
d)
His supply
5.
Private ownership of property and resources is a characteristic of what type of economic system?
a)
Command
b)
Socialist
c)
Free Market
d)
Traditional
6.
Government ownership of resources is a characteristic in what economic system?
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
7.
Business, individuals, and government make economic decisions in which economic system?
a)
Traditional
b)
Command
c)
Mixed
d)
Free Market
8.
Which of the following workforce scenarios would most likely be found in a traditional economy?
a)
Ted is working towards his dream of becoming a lawyer by working as a clerk in a legal office and saving to go to college.
b)
Katia works as an accountant in a government-run business where she was placed after graduation.
c)
Samuel loves science and wants to be a doctor, but is learning how to make clay bricks so that he can work with his father and grandfather.
d)
Ginger has graduated from high school, and now must serve in the military for two years as mandated by the government.
9.
Greatest = Command Least= Free Market…. What would be the best phrase to complete the graphic?
a)
Rivalry Between Producers and Consumers
b)
Interaction of Supply and Demand
c)
Effect of Consumer Sovereignty
d)
Government Involvement in the Economy
10.
What are the earnings a business has left after all its expenses have been paid?
a)
Capital
b)
Wages
c)
Taxes
d)
Profit
11.
What does the interaction between supply and demand determine?
a)
Consumer preferences
b)
Mixed economies
c)
Price of goods and services
d)
Free markets
12.
A terrible tornado touches down in Nebraska and destroys half of General Mills Cereal Corporations' crop of wheat. What would most likely happen to the wheat market?
a)
Supply of wheat will increase
b)
The price of wheat will increase
c)
Demand for wheat will rise
d)
The price of wheat will decrease
13.
According to the Law of Supply, what action would producers take if the price of their product suddenly drops?
a)
They will meet with their competitors to raise the price.
b)
They will produce less because they are selling at a lower price.
c)
They will produce more because they are selling at a lower price.
d)
They will buy more because they are selling at a lower price.
14.
Ginger opened a shoe store in Chatham, Virginia. Three months later, Mary Ann opened a shoe store in the same town. What benefits will the residents of Chatham receive as a result of these competing businesses?
a)
Better quality with higher prices
b)
Better quality with lower prices
c)
Lower quality with lower prices
d)
Lower quality with higher prices
15.
Consumers determine what goods and services will be produced based on the products they purchase. This is known as —
a)
Command Economy
b)
Consumer Sovereignty
c)
Competition
d)
Profit
16.
What kind of business is best described by these statements? I am the only owner of my business. I take all the risk. I keep all the profits.
a)
Corporation
b)
Proprietorship
c)
Partnership
d)
Cooperative
17.
Who takes the risks and shares the profits in a partnership?
a)
One person
b)
Investors
c)
Government
d)
Two or more people
18.
Which form of business organization is authorized by law to act as a legal person regardless of the number of owners and limits liability to the amount invested?
a)
Entrepreneurship
b)
Corporation
c)
Partnership
d)
Proprietorship
19.
An entrepreneur is a person who —
a)
owns a business that is controlled by the government
b)
takes a risk to produce goods and services in hopes of gaining profit
c)
shares the risk of producing goods and services with the government
d)
buys shares of a business in order to get dividends in return
20.
Includes Banks and Credit Union, Receive Deposits and Make Loans, and Encourages Saving by offering Interest on Deposits. What would be the best answer to complete the diagram?
a)
Private financial institutions
b)
Corporations
c)
U.S. Treasury Department
d)
Proprietorships
21.
What is the purpose of private financial institutions?
a)
They bring together savers and borrowers to help facilitate the exchange of money.
b)
They make the money.
c)
They put products in the market.
d)
They help borrowers manage their checkbook.
22.
How does a financial institution encourage savings?
a)
Paying interest on deposits
b)
Giving away free prizes
c)
Providing a place for you to keep your money
d)
Advertisements
23.
Which type of economy includes the worldwide buying and selling of goods and services by individuals, nations, and businesses?
a)
Free Market Economy
b)
Mixed Economy
c)
Global Economy
d)
Traditional Economy
24.
To get goods and services they cannot produce, to create jobs, to buy goods and services and a lower cost, to export their goods and service...Complete the graphic.
a)
Industrialization
b)
Interstate Commerce
c)
Reasons Virginia and the United State trade with other countries
d)
Impact of technological innovations
25.
Which innovation has contributed to the global flow of information, capital, goods, and services?
a)
Shipping
b)
Interstate highways
c)
Railroads
d)
Internet
100 %
