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WorksheetsExploring Business
Total questions: 30
Worksheet time: 15mins
When you compare prices for new tires, how are you using money?
As a unit of accounting
As a store of value
As a medium of exchange
As an indicator of debt
If you were trying to sell a product, how could you attract more customers?
Lower the price of the product
Raise the price of the product
Make manufacturing more efficient
What is the most widely used economic system in the world?
Traditional
Mixed
Command
Market
What is the driving force of in the U.S. economy?
Banks
Entrepreneurship
Government
Freedom choice
How does the following situation SHIFT the demand curve for haddock, a popular white meat fish? The price of cod, another white meat fish, decreases
Shifts the demand curve left
Shifts the demand curve right
Does not shift the demand curve
Why does competition among buyers in a market generally mean higher product prices and more profits for sellers.
Because sellers will have more competition
Because sellers will want to make more product
Because many buyers are trying to get too few products
Because many buyers have more product choices.
Which of the following would totally be unacceptable as a definition for economics?
The study of how people satisfy wants and needs
The study of how people faced with scarcity make choices
The study of how people satisfy wants and needs of the common good
The study of how people make rational self-interest choices to satisfy wants and needs
if more sellers enter a market, what generally happens to the price of products?
Increases
Decreases
Stays the same
Unknown
An increase in a country's productivity generally indicates a(n)------------- in a country's standard of living
Increase
Decrease
no change
Which type of market has a few major sellers, and where a price action by one seller causes the other sellers to follow?
Pure competition
Oligopoly
Monopoly
Supply and demand curves are used in which field of economics?
Macroeconomics
Microeconomics
What is meant by scarcity?
Unlimited resources and limited wants and needs
Limited resources and limited wants and needs
Limited resources and unlimited wants and needs
Unlimited resources and unlimited wants and needs
Which economic system creates the highest standard of living for its citizens?
Traditional
Command
Market
An economic system is how a society organizes itself to --------- in the production and distribution of products.
Supply all resources
Invest in resources
find natural resources
allocate limited resources
You have $4 for lunch. You decide to buy a hot dog for lunch. How is money being used?
As a unit of accounting
As a medium of exchange
As an indicator of debt
As a store of value
Because of consumer demand, all smartphones include gps technology, what basic economic question is being addressed?
What will be produced?
How will it be produced?
Who gets what is produced?
When you put money into a checking account, how is the money being used?
As a store of value
As a unit of accounting
As a medium of exchange
As an indicator of debt
Consumer demand tablets is growing faster than personal computers, what basic question is being addressed?
What will be produced
How will it be produced
Who gets what is produced
What is the founding principle of the U.S. economy?
Private property
Saving money
Free enterprise
Hard work
Which direction does the demand curve slope?
Up
Down
No slope
How does the following situation SHIFT the demand curve for a specific brand of house paint? The manufacturing increases prices to maximize profit.
Shifts the curve left
Shifts the curve right
Does not shift the curve
Families sign up for a reduced-cost lunch program at school. What basic economic question is being addressed?
What will be produced?
How will it be produced?
Who gets what is produced?
As a consumer, which market structure would be best for you
Pure competition
Oligopoly
Monopoly
A country has a reputation of poor quality products. Which economic system is this country most likely operating under?
Traditional
Command
Market
What is a good measure of a country's productivity?
Gross Domestic Product per person
Business Investment rate
Standard of living per capita
Unemployment rate
How does the following SHIFT the Supply curve for wind turbines? China restricts trade in the precious metals used for wind turbines?
Shifts the curve to the left
Shifts the curve to the right
Does not shift the curve
In a monopoly, --------- has control over the price of a good or service
Many sellers
One seller
A few sellers
Which economic system heavily relies on customs
Traditional
Command
Market
Mixed
Emma blogs about the country she is visiting. She mentions that there is almost full employment. Which economic system is this country most likely operating under?
Traditional
Command
Market
The Law of Supply states that, all other factors being equal, as the product price increases the quantity of the product provided by sellers
Stays the same
Decreases
Increases
