WorksheetsUnit 2 Review
Total questions: 15
Worksheet time: 8mins
_ refers to limited resources available to satisfy the unlimited wants and needs of people
(a)
In general economic terms, what is the best definition of supply?
The groceries at your house
A consumers willingness and ability to purchase goods and services
Businesses willingness and ability to produce goods and services
It's the same as price
In general economic terms, what is the best definition of demand?
The groceries at your house
A consumers willingness and ability to purchase goods and services
Businesses willingness and ability to produce goods and services
It's the same as price
Supply and demand meet at the
Market
Market Equilibrium/Market Price
Surplus Price
Shortage
An increase in the average price of goods and services is inflation. Inflation allows people to buy ______ goods and services with the same amount of money.
more
less
the same
all of the above
An example of demand pull inflation.
Pandemic leads to shortages for businesses and they raise prices
Government prints money and people spend more
Prices go down because of deflation
The federal reserve raises interest rates
An example of cost push inflation.
Pandemic leads to shortages for businesses and they raise prices
Government prints money and people spend more
Prices go down because of deflation
The federal reserve raises interest rates
An economic system that some industries are controlled by the government and others are controlled by businesses.
Market
Command
Mixed
Republic
A strong manufacturing sector is typically preferred to being dependent on agriculture
True
False
If demand goes down and supply stays the same, price will ___
Increase
Decrease
Stay the same
It's good for an economy if prices continue to go down.
True
False
If supply goes up and demand stays the same, price will usually ____
Increase
Decrease
Stay the same
If Ford Motor Company (US Car Manufacturer), manufactures and sells some of its cars in Mexico. Those cars would show up on the U.S. _____.
GDP
GNP
Both
Neither
If Ford Motor Company (US Car Manufacturer), manufactures and sells some of its cars in Mexico. Those cars would show up on the Mexico _____.
GDP
GNP
Both
Neither
What's the opportunity cost of going to college?
Tuition fees
The time you could be spending working or doing something else
Everyone should go to college because of the opportunity cost
No one should go to college because of the opportunity cost
