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WorksheetsBasic Economics
Total questions: 19
Worksheet time: 19mins
Economics is:
the branch of knowledge concerning wealth and how it is produced, consumed and distributed.
the branch of knowledge concerning politics and how political power is produced, consumed and distributed.
the branch of knowledge concerning sovereignty and how it is produced, consumed and distributed.
Adam Smith is known as the
Father of Wealth
Father of Politics
Father of Economics
Adam Smith is known for his book:
The Wealth of States
The Wealth of Nations
The Wealth of Government
Mercantilism was a system in which a nation's government, through ____ and ____ controlled most aspects of the economy.
incentives, consumer sovereignty
regulations, taxes
The book that Adam SMith published in 1776 argued that the type of economic system that would benefit a society and nation most was a:
command system
free market system
mercantile system
none of the above
Adam Smith believed the nation's economy would be successful if it had
lots of government involvement
many regulations and taxes
no or limited government interference
none of the above
Adam Smith believed that the key reason why a free market system would be successful for a nation was because humans
are motivated by self interest
would always do the right thing
are not greedy
all of the above
In a free market system, Adam Smith believed the natural forces (invisible hand) would lead to
higher prices and fewer choices
fair prices for goods and more choices
a surplus of goods
none of the above
The belief that economics and businesses function best when there is no interference by the government is called
mercantilism
command system
laissez faire
none of the above
Limited or lack of supply / resources is called
poverty
scarcity
surplus
none of the above
When two or more suppliers exist in a market, _____ is created.
free market
economy
competition
collaboration
Mercantilism was an economic system that caused:
sovereignty and wealth for all
oppression, colonization and slavery
none of the above
The specialization of jobs where larger jobs become separate jobs with more specialized tasks is called
the division of economy
the division of the workforce
the division of labor
none of the above
The idea that humans are driven for their own preservation / lives is called
self interest
altruism
competition
all of the above
According to this supply and demand graph, when there is a high quantity of goods, the price _____
increases
decreases
stays the same
When there is less quantity of goods (supply), the price
increases
decreases
stays the same
Something that motivates an individual or business to behave or produce favorably is called a/n
reward
grant
incentive
all of the above
An example of a farming/agriculture incentive would be:
a tax break for farmers
$10,000 Starter Funds
equipment and tools
all of the above
An example of an incentive to grow the fishing industry would be:
a fishermen's co-op
government subsidies for fishermen to purchase or rent affordable boats
government grants to purchase fishing equipment and tools
all of the above
