WorksheetsEconomics
Total questions: 21
Worksheet time: 10mins
Economics focus on the study of ...
... the environment and its impact on human life.
... the production and distribution of goods and services.
... theories on profound questions in ethics.
... the structure and theory of governments.
More precisely, economics include the study of...
human behavior when it comes to the use of resources
production and consumption of goods and services
the transfer of wealth between groups and individuals
the material prosperity of a region
The main branches of mainstream economics are:
Microeconomics
Ecology
Macroeconomics
Metaeconomics
Batmancomics
The following are important economic schools of thought:
classical, modern, restauration and Biedemeier.
classical, baroque, neo-classical and modern.
classical, impressionist, abstract.
classical, keynesian, neo-classical and marxian
A country's wealth is generally measured by its..
Tax rate
Main interest rate
Gross Domestic Product
Rate of Employment
Net exports
The Gross Domestic Product is the measure of the value added through the production of ...
... labor and capital
... goods and services
... imports and exports
... offer and demand
Reorder the following countries, ranking from highest GDP to lowest GDP.
Germany
Belgium
Luxembourg
United States
Italy
The economic output per person is usually measured by the...
... total Gross Domestic Product (GDP) of the nation.
... GDP per capita.
... Value Added per company.
... Total consoumer spending.
Reorder the following countries, ranking from highest GDP per capita to lowest GDP per capita.
Burundi
Germany
Luxembourg
Italy
United States
A market price is determined by
... the government
... the company
... the most influential consumers
... offer and demand
Which of the following are "economic functions" of the households.
To provide labor
To pay tax
To produce goods and services
To consume goods and services
To spend the government budget
The general increase of the price level of goods and services is called:
Deflation
Inflation
Subflation
Disinflation
The most important currency of the world currently is the
Euro
(EUR)
Chinese Renminbi
(CNY/RMB)
US Dollar
(USD)
British Pound
(GBP)
The current worth of a EUR is:
approximately
0.75 US
approximately
1 USD
approximately
1.20 USD
approximately
1.30 USD
approximately
1.40 USD
Why do people have to make choices about how to use resources?
Because resource owners are greedy
Because resources are limited
Because consumers of resources are irrational
Because the government uses too many resources
What would happen if energy prices doubled within 6 months.
Deflation
Inflation
Less energy would be used
More energy would be used
What would happen if the total euro spending in Europe went up but the goods and services spent remained equal?
Inflation
Deflation
Recession
Unemployment
Think about the quantity of apples and pears that people want to buy.
What would happen if the price for apples increased by 100% and the price for pears remained the same.
People buy more apples and less pears
People buy less apples and more pears
People buy less apples and the same amount of pears
Nothing changes, people buy just the same amount of apples and pears.
International trade makes sense because:
Free goods have no opportunity cost.
It increases specialization and division of labour.
Consumers like to pay a lot for their products.
Employment will increase in all countries.
Which statement best describes the "economic problem"?
Having a high inflation.
Unlimited need and wants are facing limited resources.
Unemployment will never be resolved.
Making international trade efficient for all.
In a "mixed economy":
Prices are determined by the markets only.
Prices are determined by the markets and the actions and rules of the government.
The government determines all prices and quantities.
Prices are determined by the producers.
