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WorksheetsEconomics Retrieval
Total questions: 40
Worksheet time: 2hrs 0mins
What is economics?
The struggle from limited resources versus unlimited wants.
The study of scarcity.
When you exchange one thing for something else.
What you sacrifice when choose something else.
What is scarcity?
The study of economics.
The study of limited resources versus unlimited wants.
tools
When you sacrifice one thing for another.
What is a trade-off?
When you sacrifice one thing for another.
What you give when you choose something else.
Mental or physical work.
When two countries exchange goods and services.
What is an opportunity cost?
Limited resources versus unlimited wants.
When you sacrifice one thing for another.
What you give when you choose something else.
When the three basic economic questions get answered by buyers and sellers.
What are the four factors of production?
Land, labor, capital and employees.
Capital, labor, entries and land.
Entrepreneur, land, labor, and capital.
Labor, capital, entrpreneur, and tools.
What is land?
Tools
Mental or physical work.
What you build on.
Natural resources from the Earth.
What is labor?
Mental or memory work.
One of the three basic economic questions.
Tools.
Mental or physical work.
What is capital?
Washington D.C.
Mental or physical work.
Tools.
The study of economics.
What is an entrepreneur?
Work you do for someone else.
The person who takes the land, labor and capital and coordinates them to make a good or service.
Natural resources from the Earth.
A French painter.
What is a good?
Something made or grown.
Work you do for someone else.
Tools.
When you behave yourself.
What is a service?
Tools.
Something made or grown.
Work you do for someone else.
Mental or physical work.
What are the three basic economic questions?
What to produce?
When to produce it?
For whom to produce?
What to produce?
How to produce it?
For whom to produce?
What to produce? Where to produce?
For whom to produce?
What to produce?
Why to produce?
For whom to produce?
What is a traditional economy?
The 3BEQ get answered by the government.
The 3BEQ get answered by buyers and sellers.
The 3BEQ get answered by customs and traditions.
An economy that is mixed.
What is a command economy?
The 3BEQ get answered by buyers and sellers.
The 3BEQ get answered by the government.
The 3BEQ get answered by customs.
An economy that is mixed.
What is a market economy?
When the 3BEQ get answered by the government.
When the 3BEQ get answered by customs and traditions.
When the 3BEQ get answered by buyers and sellers.
When an economy is mixed.
What is demand?
When prices increase,
the quantity decreases.
When prices increase, the quantity decreases.
The ability and willingness to sell something.
The ability and willingness to buy something.
What is supply?
Your ability and willingness to buy something.
When you increase price, you increase quantity.
When you increase price, you decrease quantity.
Your ability and willingness to sell something.
What is the law of demand?
When the price increases, the quantity increases.
Your ability and willingness to sell something.
Your ability and willingness to buy something.
When the price decreases, the quantity increases.
What is the law of supply?
When the price increase, the quantity increases.
The ability and willingness to sell something.
The ability and willingness to buy something.
When the prices decreases, the quantity increases.
What is the relationship between price and quantity in the law of demand?
Up and down.
Direct.
Inverse.
They get along pretty well.
In the law of supply, what is the relationship between price and quantity?
Topsy turvy.
Inverse.
Direct.
There is no relationship between P and Q in the law of supply.
What are the two variables you need to make a demand curve?
Price and quantity
Labor and tools.
Graph paper and a pencil.
Price and quality.
What two variables do you need to make a supply curve?
Price and quality.
Rice and quantity.
Price and quantity.
Graph paper and a pencil.
What is supply or demand elasticity?
Your sensitivity to a quantity change.
Your sensitivity to a price change.
Your sensitivity to a quality change.
How stretchy the rubber band is.
According to economists, how long should a durable good last?
Over 2 years.
Over 3 years.
Over 4 years.
Over 5 years.
Why is the demand curve negative sloping?
Because there is a direct relationship between P and QS.
Because there is a direct relationship between P and QD.
Because there is an inverse relationship between P and QS.
Because there is an inverse relationship between P and QD.
Why is the supply curve positive sloping?
Because there is a direct relationship between P and QD.
Because there is an inverse relationship between P and QS.
Because there is a direct relationship between P and QS.
Because there is an inverse relationship between P and QD.
What is equilibrium?
When price and quantity interesect.
Where supply and demand intersect.
Where price floor and price ceiling intersect.
Where surplus and shortage intersecrt.
What is a shortage?
Too much.
When quantity supplied is greater than quantity demanded.
When quantiity demanded is greater than quantitiy supplied.
Happens as a result of price floor.
What is a circular flow model?
A model of a command economy.,
A model of a traditional economy.
A model of a market economy.
a model of a mixed economy.
What is the "household"?
The owners of the firms.
The owners of the goods and services.
The owners of the factors of production.
Where FOP are turned into goods and services.
What happens at the "firms"?
FOP are turned into goods and services.
People own the FOP.
Government takes taxes.
People exercise to tone up.
A circular flow model shows the flow of:
price, quantity.
Shortage and surplus.
Money, FOP, and goods and services.
Household, firms, government and financial intermediaries.
What is inflation?
A general increase in prices.
A general decrease in prices.
Stagnation of prices.
A tool used to control prices.
What does CPI stand for?
Consumer Product Investigation
Consumption Price Inquiry
Consumer Price Index.
Capital Product Investment.
What is the main gauge for inflation?
GDP
CPI
unemployment
required reserves
What is the CPI?
It measures minimum wage over time.
It gauges unemployment.
It measures GDP over time.
It measures the average change in price over time that consumers pay for goods and services.
Who does inflation hurt the most?
The rich
Those investing in the stock market
The poor
The middle class.
What does GDP stand for?
Gross Domestic Product
Gross Dependent Program
Good Defense Program
Generic Domestic Product
What is the GDP formula?
y=mx+b
C+I+G+(NX)
x = −b ± √b²-4ac/2a
a²+b²=c²
