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Economics Questions Carver

Total questions: 123

Worksheet time: 1hrs 16mins

Name
Class
Date
1.

The type of government that has total control over the people and the police use power by force is called what?

a)

Anarchy

b)

Monarchy

c)

Limited

d)

Authoritarian

2.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
3.
This type of economy is passed down through family traditions. They learn from their parents. 
a)
Traditional 
b)
Market 
c)
Mixed 
d)
Command 
4.

Which type of economy has central ownership, the government, and lack of individual choice?

a)

Market

b)

Mixed

c)

Command

d)

Traditional

5.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
6.

Who invented communism?

a)

Plato

b)

Karl Marx

c)

Paul Samuelson

d)

Adam Smith

7.

Capitalism is in what type of economy?

a)

Traditional

b)

Command

c)

Market

d)

Authortarian

8.
Which of the following are markets involved in the circular flow model?
a)
Factor Market and Resource Market
b)
Labor Market and Product Market
c)
Factor Market and Product Market
d)
Resource Market and Labor Market
9.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
10.

This means that the government should not interfere in the marketplace.

a)

Laissez Faire

b)

Capitalism

c)

Communism

d)

Socialism

11.

When customers and business owners exchange products and money, because it will help them both in some way.

a)

voluntary exchange

b)

volunteering to help someone for free

c)

opportunity cost

d)

reading quizzes

12.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

13.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

a)

subsistence

b)

specialization

c)

scarcity

d)

bartering

14.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

15.

A economist who introduced the steady increase of the supply of money within growing economies.

a)

David Ricardo

b)

John Maynard Keynes

c)

Milton Friedman

d)

Beatrice Webb

16.

The development of a worldwide economy where resources flow fairly freely across borders.

a)

Globalization

b)

Economy

c)

GDP

d)

Economic Independence

17.

Privatization refers to ....

a)

Transfer of assets from people to government

b)

Transfer of assets from public to private organizations

c)

Transfer of assets from corporate to public

d)

Transfer of assets from corporate to government

18.

Buyers choose what items are produced based on their spending habits

a)

Consumer Sovereignty

b)

Factors of Production

c)

Efficiency

d)

Cost / Benefit Analysis

19.
The driving force behind people going into business is
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
20.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
21.

_____________ are things that people make or use to satisfy their needs and wants.

a)

Goods

b)

Services

c)

Producers

d)

Consumers

22.

________________ are activities that satisfy people’s needs and wants.

a)

Goods

b)

Services

c)

Needs

d)

Wants

23.

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

a)

Producers

b)

Services

c)

Goods

d)

Resources

24.

________________ are people who use services or buy goods.

a)

Producers

b)

Resources

c)

Pretty

d)

Consumers

25.

_______________ resources are materials that come from nature.

a)

Special

b)

Natural

c)

Human

d)

Capital

26.

______________ resources are people working to produce goods or provide services.

a)

Capital

b)

Human

c)

Natural

d)

Manufactured

27.

________________ resources are the things that people use to make the goods or provide their services.

a)

Natural

b)

Capital

c)

Company

d)

Human

28.

The good or service that you give up when you make an economic choice is called _____________________.

a)

opportunity cost

b)

economic choice

c)

economic interdependence

d)

economic specialization

29.

Two or more people depending on each other for goods and services is called __________________________.

a)

economic specialization

b)

scarcity

c)

economic choices

d)

economic interdependence

30.

Being an expert in one job, product, or service is called ___________________.

a)

economic interdependence

b)

economic specialization

c)

opportunity cost

d)

scarcity

31.

The choice between two goods or services is known as ___________________.

a)

scarcity

b)

opportunity cost

c)

economic choice

d)

economic specialization

32.

The term used when there is not enough of something to go around is __________________.

a)

scarcity

b)

economic choices

c)

resources

d)

opportunity cost

33.

What type of resources are these?

a)

capital

b)

natural

c)

nautical

d)

human

34.

These are examples of ________________ resources.

a)

capital

b)

natural

c)

scarce

d)

human

35.

This picture shows examples of _________________ resources.

a)

natural

b)

capital

c)

human

d)

consumer

36.

Using income for purchases, expenses, and debt

a)

spending

b)

savings

c)

goods

d)

services

37.

things purchased by consumers

a)

goods

b)

consumer

c)

producer

d)

supply

38.

A person who provides a good or service

a)

producer

b)

need

c)

want

d)

consumer

39.

A person who purchases a good or service

a)

consumer

b)

taxes

c)

supply

d)

good

40.

Basic things humans need to survive

a)

need

b)

want

c)

import

d)

demand

41.

how much of a good or service consumers want

a)

demand

b)

spending

c)

producer

d)

scarcity

42.

The amount available

a)

supply

b)

demand

c)

import

d)

natural resource

43.

money paid to the government through income, sales, and purchase of property

a)

taxes

b)

goods

c)

scarcity

d)

human resource

44.

services provided by people

a)

human resource

b)

import

c)

scarcity

d)

consumer

45.

goods made to use in the production of other goods

a)

capital resouces

b)

demand

c)

taxes

d)

export

46.

A good made in the United States and sent to other countries

a)

export

b)

consumer

c)

savings

d)

taxes

47.

not having enough

a)

scarcity

b)

supply

c)

human resouce

d)

taxes

48.
What term refers to a good that comes into a country?
a)
Trade
b)
Migration
c)
Export
d)
Import
49.
What term refers to a good that leaves a country?
a)
Export
b)
Import
c)
Trade
d)
Distribution
50.
When something given up for something else is called?
a)
Choice
b)
Capitalism
c)
Inflation
d)
Opportunity Cost
51.
What economy is where the government has total control of the economy. Businesses are not privately owned.
a)
Command
b)
Traditional
c)
Mixed
d)
Market
52.
When a consumer can no longer pay off credit debt, they may be forced to file personal ______________ or legal relief for paying certain debts.
a)
repossession
b)
garnishment
c)
bankruptcy
d)
delinquency
53.
What is the definition of economics?
a)
The study of human behavior and attitudes
b)
The study of past events and the impact they have had on people
c)
The study of political and social interactions
d)
The study of the production and distribution of goods and services
54.
One of the important parts of economics is interdependence. Which of the following is an example of interdependence?
a)
People make their own clothing.
b)
People often move to places that aren't as crowded.
c)
People need goods and services provided by other people.
d)
People grow their own food.
55.
In economic terms, which action shows a person acting as an investor?
a)
A person sells a car to a neighbor.
b)
A person puts money in a savings account.
c)
A person drives students to school.
d)
A person buys a new pair of shoes.
56.

People who make goods or provide a service

a)

consumers

b)

needs

c)

producers

57.

Things that we have to have

a)

barters

b)

needs

c)

wants

58.

Something that someone does for you

a)

service

b)

want

c)

good

59.

To trade something you have for something else

a)

supply

b)

economics

c)

barter

60.

Someone who buys goods

a)

consumer

b)

producer

c)

demand

61.

Something that you would like to have

a)

producer

b)

good

c)

want

62.

Something that you use or can hold in your hand

a)

good

b)

service

c)

need

63.

The study of making, buying, and selling goods or services

a)

economics

b)

producer

c)

want

64.

If an item is not selling at a store, what should the owner do?

a)

stop selling the item

b)

lower the price

c)

raise the price

65.

Which of the following are goods? Choose all that are correct.

a)

video game

b)

haircut

c)

dog toy

d)

ice cream

66.

Which of these are services? Choose all that are correct.

a)

mowing a lawn

b)

teaching

c)

entertaining

d)

books

67.

Which of these are basic economic needs? Choose all that are correct.

a)

clothing

b)

food

c)

shelter

d)

X Box One

68.

Which of these are wants?

a)

X Box One

b)

Food

c)

Swimming Pool

d)

Scooter

69.

the study of the buying, making, and selling of goods and services

a)

good

b)

economics

c)

scarcity

70.

If there are 4 pieces of pie and 3 people, is there scarcity?

a)

yes

b)

no

71.

I bought a lollipop for $1 and sold it to my sister for $2. Did I make a profit or incur a loss?

a)

profit

b)

loss

72.

The process of choosing one good or service over another. The item not chosen is the __________.

a)

good

b)

loss

c)

opportunity cost

73.

I go to the doctor for a checkup. The doctor is providing a __________.

a)

good

b)

service

74.

trading one good or service for another is

a)

profiting

b)

bartering

c)

being nice

75.

I buy an apple at the supermarket. The apple is a

a)

good

b)

service

c)

opportunity cost

76.

I give Sam $4 for a sandwich. Is this an example of bartering?

a)

yes

b)

no

77.

I couldn't buy the mint chocolate chip ice cream because there was none left. This was because it was in high _______.

a)

supply

b)

demand

78.

I had to get a cherry lollipop instead of blue raspberry because that was all that was left. The cherry lollipop was in high ______

a)

supply

b)

demand

79.

Scarcity occurs when there is not enough of something and people must make choices.

a)

True

b)

False

80.

Anyone who buys a good or a service is a _____.

a)

producer

b)

consumer

81.

Anyone who makes or grows a good or a service is ____.

a)

producer

b)

consumer

82.

I buy a pair of shoes for $50. They don't fit so I sell them to my friend for $35. Did I make a profit or incur a loss?

a)

profit

b)

loss

83.

I go to the store to buy a snack. I narrow my choices to a bag of Doritos or a chocolate chip cookie. I decide to buy the cookie. The Doritos are my _____.

a)

service

b)

opportunity cost

c)

producer

84.
What is a commodity?
a)
a product
b)
a bathroom facility
85.
Quantity means
a)
best item
b)
the amount
86.
Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
a)
Scarcity
b)
Supply and Demand
87.
If a resource is scarce
a)
there is a shortage and unlimited wants in a world of limited resources
b)
to be extremely rare and expensive
88.
The plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).
a)
Human Resource
b)
Capital Resource
89.
The study of how people make decisions given the resources that are provided to them.
a)
Economics
b)
Command Economy
90.
The voluntary exchange of goods and services without any government intervention.
a)
Market Economy
b)
Traditional Economy
91.
Produces a variety of goods and services, as well as supports new ideas, services and goods.
a)
Advantages of a Market Economy
b)
Advantages of Command Economy
92.
If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?
a)
The demand for asparagus will go down.
b)
The price of asparagus will go up.
93.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes are was hight but the demand was low.
b)
Supply for the Nikes was low but demand was high.
94.
Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).
a)
Disadvantage of Traditional Economy
b)
Disadvantage of Market Economy
95.
What type of economic system does the US have?
a)
Market
b)
Command
c)
Traditional 
96.
Which is an example of a capital resource?
a)
boats
b)
 timber (wood)
c)
physicians
d)
merchants
97.
If supply of a product is limited, but demand is high, how would the price be affected?
a)
It would go up
b)
It would go down
98.

What part of the economic spectrum would you find North Korea?

a)

On the left

b)

On the right

c)

In the middle

d)

It is traditional so it is not on the spectrum

99.

What part of the economic spectrum would you find the United States?

a)

On the Left

b)

On the Right

c)

In the Middle

d)

It i not on the line it is traditional

100.

Where would you find a people from the Amazon rain forest on the economic spectrum?

a)

On the left

b)

On the right

c)

in the middle

d)

Not on the line it is traditional

101.

Justin wants to open a business that sells underwear and his underwear is the best in the world according to the New York Times. Justin is now the third richest man in the world. Which economic system is the country that Justin lives in?

a)

Communsim

b)

Socialism

c)

Free Market

d)

Traditional

102.

Nationalization is to _________________ as Privatization is to Capitalism.

a)

Free Market

b)

Socialism

c)

Traditional

d)

Communism

103.

If the government subsidizes part of your income and you are able to get food stamps and fly on the National airlines. But you are still able to open a business what kind of Economic system do you live in?

a)

Mixed economy

b)

Free market economy

c)

Command Economy

d)

Traditional economy

104.

Using the map and your knowledge of globalization which country would be the most poor?

a)
b)
c)
d)
105.

Which of the following is a good thing about globalization?

a)

More variety of products and competition

b)

Increased warfare

c)

moving jobs to laces with no minimum wage

d)

loss of global culture

106.

What level of economic activity is the lady in the green (the one on the right)?

a)

Secondary

b)

Primary

c)

Quaternary

d)

Tertiary

107.

What three countries are in trade agreement of NAFTA

a)

US, Mexico, and Canada

b)

US, Greenland, and El Salvador

c)

Mexico, Canada, and Cuba

d)

Haiti, Bolivia, Paraguay

108.

Which economic system uses bartering?

a)

Free Market

b)

Command

c)

Mixed

d)

Traditional

109.

Which level of economic activity would you find an assembly line worker?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

110.

If a country is having more people go to college and work in research and development what level of economic activity are they in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

111.

What would happen if globalization stopped?

a)

The world would end.

b)

Countries would become more rich

c)

People would not have a variety of goods

d)

We would get more products

112.

What type of economy is socialism?

a)

When the economy is privatized

b)

When the economy is nationalized

c)

When the people do not use money but trade

d)

When the government owns certain parts of the economy and the people other parts

113.

Define Economics ?

4 lines
114.

NOT an Examples of a Needs ?

a)

Phone

b)

Water

c)

Food

d)

Shelter

115.
Clothing
a)
Needs
b)
Wants
116.

Wants are limited or unlimited?

a)

Limited

b)

Un-Limited

117.

If 2 people want a soccer ball, is there a scarcity?

a)

Yes, there is a scarcity.

b)

No, there is not a scarcity.

118.

If 3 people want a candy bar, is there a scarcity?

a)

Yes, there is a scarcity.

b)

No, there is not a scarcity.

119.

If 8 people want a stuffed animal, is there a scarcity?

a)

Yes, there is a scarcity.

b)

No, there is not a scarcity.

120.

What is an economic want?

a)

Things people need in order to survive.

b)

Things people would like to have.

c)

Things people don't want anymore.

121.

Scarcity means:

a)

Too much of something you wanted

b)

The exact amount of something you wanted

c)

Not enough of something you wanted

122.

What is the Problem of Scarcity?

4 lines
123.

Name the 3 problems of Scarcity?

4 lines

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