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BUS 1.1 Formative

Total questions: 15

Worksheet time: 3hrs 30mins

Name
Class
Date
1.

The field of study of the process or system by which goods and services are produced, sold, and bought.


a)

Microeconomics

b)

Economics

c)

Macroeconomics

d)

Resources

2.

The field of study of the process or system by which goods and services are produced, sold, and bought at the individual and company level.


a)

Microeconomics

b)

Economics

c)

Macroeconomics

d)

Resources

3.

The field of study of the process or system by which goods and services are produced, sold, and bought on a national and global scale.

a)

Microeconomics

b)

Economics

c)

Macroeconomics

d)

Scarcity

4.

A situation where there are not enough resources to satisfy needs.

a)

Microeconomics

b)

Resources

c)

Macroeconomics

d)

Scarcity

5.

What does GDP mean?

a)

Grand Developed Plans

b)

Gross Domestic Product

c)

Good Domestic Production

d)

Great Dairy Products

6.

Choose whether the example below is macro- or micro- Economics

The country of Saudi Arabia produces oil.

a)

Macro

b)

Micro

7.

Choose whether the example below is macro- or micro- Economics

I bought a bag of chips from 7-11

a)

Macro

b)

Micro

8.

Choose whether the example below is macro- or micro- Economics

The United States will offer military protection in exchange for access to a country's resources.

a)

Macro

b)

Micro

9.

Choose whether the example below is macro- or micro- Economics

An elevator company in CT installs one in a business.

a)

Macro

b)

Micro

10.

Choose whether the example below is macro- or micro- Economics

Allowing your neighbor to borrow a tool to do yard work.

a)

Macro

b)

Micro

c)

Both

d)

Neither

11.

Choose whether the example below is macro- or micro- Economics

The United States & China in a trade war.

a)

Macro

b)

Micro

c)

Both

d)

Neither

12.

Choose whether the example below is macro- or micro- Economics

Bob Sells Burgers To Teddy

a)

Macro

b)

Micro

c)

Both

d)

Neither

13.

Choose whether the example below is macro- or micro- Economics

A recent law allows the U.S. to make food costs lower, causing grocery stores sell more.

a)

Macro

b)

Micro

c)

Both

d)

Neither

14.

Choose whether the example below is macro- or micro- Economics

Buying a flight to Mexico

a)

Macro

b)

Micro

c)

Both

d)

Neither

15.

Choose whether the example below is macro- or micro- Economics

Using your membership to a gym.

a)

Macro

b)

Micro

c)

Both

d)

Neither