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WorksheetsIntroduction To Economics
Total questions: 15
Worksheet time: 8mins
Each day you have $5 for lunch. Today, you decide to save $2 and buy the chicken salad tomorrow for 6.50. How is the money being used in this case?
As a unit of accounting
As a store of value
As a medium of exchange
As an indicator of debt
As a buyer, which market structure would be worst for you?
Pure competition
Oligopoly
Monopoly
Monopolistic Competiton
What is meant by scarcity?
Limited resources and unlimited wants and needs
Unlimited resources and unlimited wants and needs
Unlimited resources and limited wants and needs
Limited resources and unlimited wants and needs
Which is NOT a function of money?
As an indicator of debt
As a store of value
As a unit of accounting
As a medium of exchange
When money is used to compare the value of different products it is used:
As a store of value
As a medium of exchange
As an indicator of debt
As a unit of accounting
Which concept is NOT basic to definition of economics?
Scarcity
Rational Self-Interest
Choice
Bartering
Competition among BUYERS generally means:
Higher product prices and fewer profits for sellers
Higher product prices and more profits for sellers
Lower product prices and fewer profits for sellers
Lower product prices and more profits for sellers
Which of the following is NOT a part of pure competition?
No seller or buyer has control of the market
Buyers are familiar with the product
Barriers to market entry exist
Many buyers and sellers
What is the best interest of rational self-interest choice?
A balanced choice that helps the person and others
A quick choice that helps the person making the choice
A sensible choice that best serves the person making the choice
Which type of market has few major sellers, where a price action by one seller can cause the other sellers to follow?
Pure competition
Monopoly
Oligopoly
If you were trying to sell a product, how could you attract more customers?
Lower the price of the product
Decrease profits
Raise the price of the product
Due to heavy lobbying by the Cake Makers of America, the government issues a new regulation that requires people who sells cakes to purchase a license. Given this scenario, it can be said that the government is creating
A more competitive Market
A safer workplace
A barrier to market entry
A better product
What is the main purpose of a market?
To provide a place for buyers to spend time
To allow for the exchange of products
To provide jobs for sellers
To provide a method to raise government taxes
Bartering is defined as:
An object used to pay for a product
The value placed on a product
Taking a product with the promise to return it
Trading a product for another product
Which market structure requires a large number of suppliers?
Monopoly
Oligopoly
Pure Competition
