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WorksheetsEconomics
Total questions: 10
Worksheet time: 5mins
The act of running a business and taking risks is called ______
Capital
Entrepreneurship
labor
Land
A producer wants to....
supply goods while charging the lowest price
buy goods while paying the lowest price
supply goods while charging the highest price
buy goods while paying the highest price
When a good is scarce, it means that ______.
nobody is interested in buying it
it is cheap and easy to make
demand drops while supplies rise
it is hard to find and likely to cost more
What you give up when you choose one thing over another is called ______.
Capital
Demand
Opportunity Cost
Supply
In which of the following economic systems do individuals make all the choices about what to make, buy, and sell?
Command economy
Traditional economy
Market economy
Mixed economy
In which type of economic system do people choose what goods to make based on custom?
Command economy
Mixed economy
Market economy
Traditional economy
When inflation happens, ______.
The prices of goods go down
The value of money goes up
The prices of goods go up
The cost of living decreases
During a period of recession, ______.
the economy grows and shrinks over time
the economy slows or shrinks
the economy grows very quickly
the economy does not change
Which type of good would you most want to export?
something you can make cheaply and sell elsewhere at a high price
something you can buy cheaply from another country
something that you have very little of in your own country
something that you can sell for a very low price
Which of the following is a sign of globalization?
an increase in laws that limit trade between countries
an increase in free trade between countries
a decrease in free trade between countries
a rise in the cost of goods imported from other countries
