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WorksheetsEconomics
Total questions: 18
Worksheet time: 20mins
Of the four major sectors of the economy, ____________ plays the largest role.
government
household
banking
businesses
Which is an example of voluntary exchange?
Nazair wants to sell Freddy a new bike. Freddy likes the bike, pays Nazair, and leaves with his new purchase
Amarion and Maisie argue over the price of Amarion's flowers. Maisie thinks they're too much and doesn't buy them.
Lilya buys eggs from Davon for $3 but when she opens the carton most of the eggs are broken.
Astra agrees to water Kamora's flowers for $5. When the job is done Kamora pays her $4.
Which sector of the economy provides labor to resource markets and demands goods and services?
government
household
banking
businesses
For ten years, Mario's Pizza has been the only pizza parlor in Smallville. Customers often complained about the price of a pizza at Mario's. Last month, though, a new restaurant, The Leaning Tower of Pizza, opened up just one block away from Mario's Pizza. It is the MOST LIKELY that the price of pizza at Mario's....
will decrease
will increase
Yusif needs a new pair of soccer cleats for the upcoming season but he is on a very tight budget. Yusif has always worn cleats from Company X but is also interested in cleats from Company Y, which are sold at a lower price than Brand X's. Both companies' cleats are high quality, made of the same materials, and look almost identical to one another.
Which pair of cleats will Yusif likely purchase and why?
He will buy the cleats from Company Y because they will likely be less popular than the cleats from Company X.
He will buy the cleats from Company Y because they are less expensive than the cleats from Company X.
He will buy the cleats from Company X because they are more expensive than the cleats from Company Y.
He will buy the cleats from Company X because they will likely last much longer than the cleats from Company Y.
Tasha and her husband have a lot of hobbies and interests, and with their bills, sometimes their expenses are more than what they make each month. The couple shares a car, which means that sometimes they have to spend extra money on other transportation to get to work or to run errands.
What would MOST help Tasha and her husband improve their finances?
They should take out a loan from the bank in order to buy a new car.
They should stop paying their bills until they have saved enough for a car.
They should create a personal budget to identify how they can reduce spending.
They should apply for a new credit card so that they can spend more each month.
Pedro, who recently turned 16, got a job as a salesperson at a shoe store. Which of the following statements is correct?
Pedro will receive income in exchange for his labor, which will allow him to retire before he is 20.
Pedro will receive income in exchange for his labor, which he can use to purchase goods he wants.
The shoe store will receive income from Pedro, which will allow the owners to earn greater profits.
The shoe store will receive income from Pedro, which the owners can use to purchase more shoes.
Banks in the United States create MOST of their profits by
foreclosing on real estate.
investing in the stock market.
selling real estate that they hold.
loaning money to individuals and businesses.
Which of the following is an example of a price incentive?
A gallon of milk only cost $1.50 ten years ago, but today it costs $2.25.
An employer gives an employee a raise to reward her for her hard work.
A store usually sells candy bars for $1.00, but today is selling them for $0.75.
A stockbroker buys a share of stock and sells it later in order to make a profit.
Brady is paid $100 a month to watch his neighbors' children whenever his neighbors have to work late. This is the only money he makes each month. Brady spends $60 a month for internet, and another $75 for cable television. Based on this information, which of the following is true?
By decreasing his monthly expenses, Brady will increase his monthly income.
Brady must decrease his monthly income or increase his monthly expenses.
Brady must increase his monthly income or decrease his monthly expenses.
By increasing his monthly expenses, Brady will decrease his monthly income.
Preparing a personal budget can help a person in which TWO ways?
Budgets help people earn more money on investments.
Budgets help people get promotions and raises at work.
Budgets help people better understand their monthly spending.
Budgets help people find the best deals on goods and services.
Budgets help people save money to put toward future expenses.
Which of the following is an example of how price influences behavior?
Huey likes the smell of a new shampoo. He buys it even though it costs more than his usual brand.
Jane bought a more expensive brand of dog food. Her dog refuses to eat the more expensive food.
Talia cannot find a kitten she likes at the pet store. She decides to adopt a kitten from a shelter instead.
Roger needs a new phone. He goes to a store far away because it costs less there than at a nearby store.
Which element of a personal budget is the money that a person earns or receives?
income
savings
expenses
investments
Jada wants to take out a loan from her bank in order to open a music shop. What expectation should Jada have?
to receive money from her employees that will help her repay the loan
to be so successful that she will be able to repay the loan in full right away
to have to repay the loan in full the first month after the music shop is opened
to make monthly payments to the bank based on the amount of the loan plus interest
Someone who starts and takes on the risk of running a business is called
banker
manager
supervisor
entrepreneur
How is opportunity cost related to financial decision-making?
You will always make the right decision if you consider opportunity costs.
You can know the opportunity cost of a decision only after the decision has been made.
An opportunity cost is what you lose by deciding to choose one alternative over another.
Financial decisions cannot be made without first understanding the opportunity costs.
How did assembly lines and specialization in Henry Ford’s automobile factories affect the standard of living in the United States?
They reduced the demand for cars, so more of them were available to buy.
They reduced the number of cars that could be made, so many workers lost their jobs.
They reduced the cost of making cars, so more people could afford to buy them.
They reduced the quality of cars that were made, so many people were hurt in accidents.
How did building this canal promote economic activity?
It helped entrepreneurs across the region develop new goods and services.
It turned a profit quickly and raised money to build more roads and canals.
It improved trade between countries by making it easier to ship goods.
It protected US businesses from competition with foreign companies.
