WorksheetsG10, Basic Econ Test, 2023-24
Total questions: 40
Worksheet time: 20mins
What is the direct trading of goods and services without using money called?
Barter
Trade
Investing
Interest
What are goods produced and used to make other goods or services called?
Natural Resources
Human Resources
Capital Resources
Consumer
What occurs when people and nations depend on one another to provide the goods and services they want?
Surplus
Inflation
Specialization
Interdependence
What is the measure of how many goods or services are made by each worker?
Interest Rate
Inflation
Profit
Productivity
What is the general rise in prices over time called?
Unemployment Rate
Interest Rate
Surplus
Inflation
What is the method used by a society to produce and distribute goods and services called?
Economic System
Command Economy
Mixed Economy
Market Economy
What is the percentage of people looking for work but who cannot find work called?
Surplus
Inflation
Unemployment Rate
Interest Rate
What is the delivery or movement of goods or services from producers to consumers called?
Trade-off
Distribution
Savings
Scarcity
What is the exchange of goods or services or money with people for other goods or services or money called?
Exports
Taxes
Incentives
Trade
What is the next most valuable alternative you give up when you make a choice or decision called?
Savings
Incentives
Opportunity Cost
Interest
What is the term for the amount of goods or services that consumers are willing to buy at a given price?
Supply
Demand
Trade-off
Productivity
What is the term for the cost of borrowing money or the return for lending money?
Interest Rate
Inflation
Unemployment Rate
Productivity
What is the term for the amount of goods or services that producers are willing to sell at a given price?
Supply
Demand
Trade-off
Productivity
What is the term for the difference between the amount of a good or service produced and the amount that is used by consumers, when too much is produced?
Surplus
Deficit
Trade-off
Productivity
What is the term for the economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise?
Market Economy
Command Economy
Mixed Economy
Capitalist Economy
What is the term for the resources used in the production of goods and services, including the knowledge, skills, and abilities of workers?
Natural Resources
Human Resources
Capital Resources
Consumer
What is the term for the economic system in which the production and distribution of goods are controlled by both private enterprise and the government?
Market Economy
Command Economy
Mixed Economy
Capitalist Economy
What is the term for the amount of money saved, invested, or used for purchases?
Supply
Demand
Trade-off
Income
What is the term for the economic system in which the production and distribution of goods are controlled by private enterprise?
Market Economy
Command Economy
Mixed Economy
Capitalist Economy
What is the term for the economic principle that states that if the supply of a good increases and the demand remains the same, the price will fall?
Law of Demand
Law of Supply
Law of Diminishing Returns
Law of Supply and Demand
In the context of circular flow, what does the household sector provide to the business sector?
Goods and Services
Capital
Labor and Consumer Spending
Government Regulations
What is the role of the government in the circular flow of an economy?
Providing Goods and Services
Regulating Economic Activities
Collecting Taxes and Providing Public Services
Producing Consumer Goods
What does the 'circular flow' in economics illustrate?
The movement of goods and services between producers and consumers
The exchange of money between households and businesses
The interdependence of businesses and households in an economy
The flow of capital from investors to businesses
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
The amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
This is what occurs when wants are greater than the resources available to satisfy those wants. (It's the basic economic problem.)
opportunity cost
scarcity
demand
supply
The general rise in prices over time:
GDP
unemployment
inflation
recession
The control of the supply of a good or service by one business:
monopoly
cooperative
partnership
corporation
A downturn in the economy lasting 6 months or longer:
unemployment
recession
consumer
scarcity
We learned about three kinds of ownership in a market economy. Which is NOT on the list?
sole proprietorship
partnership
corporation
revenue
What are the three groups into which productive resources can be classified?
Economic resources, financial resources, and digital resources
Natural resources, human resources, and capital resources
Biological resources, labor resources, and technological resources
Renewable resources, non-renewable resources, and manufactured resources
What is a key characteristic of a market economy?
Economic decisions are based on custom and historical precedent.
Governmental planning groups make all the economic decisions.
Prices are determined by the interaction of buyers and sellers in the marketplace.
There are no market or command elements in the economy.
What are the three basic questions every society must answer according to the text?
What goods and services will be produced? How will goods and services be produced? Who will consume the goods and services?
Who produces goods and services? What is opportunity cost? How is time spent?
What is the cost of goods? How are goods produced? Why are goods consumed?
Why is scarcity an issue? What is the next best alternative? Who decides the value of goods?
What is the key problem that every individual and society must contend with according to the text?
Political structure
Scarcity
Economic growth
Historical precedent
What is the primary goal of economic activity according to the text?
To create as many goods and services as possible
To minimize the effects of scarcity
To maximize the use of natural resources
To increase the hardship and toil in production
What is the result of nations or individuals focusing production in areas where they have an efficiency advantage?
Decreased overall production
Increased need for self-sufficiency
More overall production and a higher standard of living
A zero-sum activity
Which of the following is NOT a function of money?
Unit of account
Store of value
Medium of exchange
Source of entertainment
What is an advantage of a corporation?
Unlimited liability for stockholders
Difficulty in transferring ownership
Limited liability for stockholders
Profits are not taxed
What is a key characteristic of a sole proprietorship?
It has limited liability.
It is owned by a board of directors.
It has only one owner.
It is easy to dissolve.
