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WorksheetsEcon 11/12 Review
Total questions: 31
Worksheet time: 16mins
Which example defines a traditional economy?
Government is the owners and decision makers of the public sector
Economic decisions are based on custom and historical precedent
Centrally planned economy
Private ownership of property and resources
Which example defines a command economy?
Government is the owners and decision makers of the public sector
Economic decisions are based on custom and historical precedent
Centrally planned economy
Private ownership of property and resources
Which example defines a free market economy?
Government is the owners and decision makers of the public sector
Economic decisions are based on custom and historical precedent
Centrally planned economy
Private ownership of property and resources
Which two factors most directly affect price?
Free and mixed economies
Supply and Demand
Competition and Supply
Consumer Sovereignty and Profit
In the circular flow model, goods/services and resources flow in one direction. What flows in the opposite direction?
Profits
Money
Incentives
Tax Revenue
When Supply is high and Demand is low where will price be?
High
Low
None of the above
It'll stay the same
What are the earnings left after a business has paid all of its expenses?
Capital
Wages
Profit
Taxes
What is consumption?
Making of goods and services
What determines price
What's given up when a choice is made
The use of goods and services
"A form of business organization where one owner takes all the risk and all the profits"
Proprietorship
Partnership
Corporation
Entrepreneurship
"A form of business organization where two owners takes all the risk and split the profits"
Proprietorship
Partnership
Corporation
Entrepreneurship
Which of the following is not a form of business ownership?
Proprietorship
Partnership
Corporation
Foundation
What is supply?
Amount consumers are willing to buy
Amount that determines what is purchased
Amount an item costs
Amount producers are willing to sell
In the United States economic system, who makes decisions?
Businesses only
Individuals, Businesses and Government
Government only
Individuals Only
What you must give up when you choose one thing over another
Price
Opportunity Cost
Supply and Demand
Capital
Rivalry between producers of a good or service that results in lower prices for better quality goods and services is called
Profit
Free Market
Competition
Consumer Sovereignty
Private Financial Institutions help facilitate an exchange of money between...
US Government and other countries
Governments and citizens
Individuals and businesses
Savers and borrowers
Which item is NOT an example of a private financial institution?
Encourage saving and investing by paying interest on deposits
Receive Deposits and make loans
Include banks and credit unions
Provide food stamps
The circular flow chart shows how ______, ______, and markets interact
consumers, businesses
economy, stocks
corporations, partnerships
banks, credit unions
In a free market economy who initially collects the profits each month?
Employees of the company
Leaders of the government
Most valued customers
Owners of the company
Joey wants to buy a car. What do you call the amount of money he will pay for the car?
Price
Supply
Demand
Incentive
Who owns the resources used in production, sells them and then use the income to buy products?
Businesses
Government
Households
Who uses tax revenue from households and businesses to provide public goods and services
Businesses
Government
Households
All of the following are characteristics of a command economy except...
Competiiton
Centrally planned
No consumer choice
Government ownership of resources
I want to buy a video game and see two movies but I don't have the money for both. What is the opportunity cost of going to the movies?
Price of the movie tickets
Time buying the computer game
Enjoyment of seeing the movie
Value of the computer game
A person who takes the risk to produce goods and services in search of profit is called
Chief Financial Officer (CFO)
Law enforcement
Entrepreneur
Colleague
Which of the following is NOT a reason why states and nations trade?
To create jobs
To obtain goods and services they can't produce themselves
To protect domestic industries
To sell goods and services to other countries
To lower cost and opportunity cost
If John and Maria both open shoe stores in the same town. What benefits should the citizens of that town see economically as a result of these businesses competing?
Lower Quality and Higher Prices
Higher Quality and Higher Prices
Higher Quality and Lower Prices
Lower Quality and Lower Prices
Trees are an example of what type of resource
Natural
Capital
Human
Entrepreneurial
Virginia and the United States pursue international trade in order to...
Incentives
Competition
Profits
Wealth
Worldwide markets in which the buying and selling of goods and services by all nations takes place is called...
Global economy
World Wide Mall
Global Financial Guide
Global Market Agreement
What is demand?
Amount of the incentive
Amount of goods and services people are willing to buy
Amount producers are willing to sell
Amount an item cost
