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WorksheetsEconomics Module 1- Basics Review
Total questions: 20
Worksheet time: 40mins
Which of the following is NOT one of the Basic Economic Questions?
What to produce?
Why to produce?
How to produce?
For whom to produce?
Which of the following is the study of the national and global economy?
Macroeconomics
Microeconomics
Ultraeconomics
Megaeconomics
Activities and items you give up in exchange for something else are....?
currency
opportunity cost
Trade-offs
Demand
The most valued alternative to your actual choice is known as what?
Opportunity Cost
Benefit
Demand
Trade-off
The amount of a good or service that will be purchased at a particular price is known as...?
Demand
Supply
Quantity Demanded
Shortage
What do you call a chart that lists how much consumers will purchase at various prices?
Demand Schedule
Supply Schedule
Demand Curve
Supply Curve
A decrease in demand would cause the command curve to shift....?
to the left
to the right
up
down
The acronym TRIBE describes five factors that could cause a shift in .....?
Supply
Demand
Opportunity Cost
Tastes and Preferences
Which of the following would likely increase demand for Jif peanut butter?
The price of jelly doubles
People hear that the price of Jif will go up next month
The average income of consumers decreases due to a recession
A popular new diet program does not allow peanut products
The total amount of a good or service available for purchase is known as the...?
Quantity Supplied
Stockpile
Supply
Economic Product
When fidget cubes cost $5, the manufacturer produces 20,000 of them. 20,000 is the...
Quantity Supplied
Supply
Opportunity Cost
Supply Schedule
A decrease in supply will cause the supply curve to shift...
to the left
to the right
up
down
The Acronym ROTTEN can help you remember factors that cause a shift in...
Demand
Supply
Opportunity Cost
Benefit
The government doubles the tax on imported bananas. The supply curve will shift to the...
right
left
The point on a graph where the supply and demand curves intersect indicates the...
Equilibrium Price
Lowest price
Highest Price
Demand for candy decreases after Halloween. The equilibrium price will now be...
Lower
Higher
Unchanged
A new manufacturing technique makes the production of an Xbox faster and cheaper. The equilibrium price will...
Increase
Decrease
Stay the same
Adidas decides to raise the price of their shoes while supply and demand remain the same. What will most likely happen?
There will be a shortage of Adidas shoes.
There will be a surplus of Adidas shoes.
Which of the following is NOT one of the 4 functions of Money?
Medium of Exchange
Store of Value
Standard
Measure of Value
Currency for Bartering
Sarah wants to buy a new TV so she decides to photocopy a $100 bill and take 10 of these printed $100s to the store. Sarah's money is...
Counterfeit
legitimate
fiat currency
legal
