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WorksheetsTest 1 Review
Total questions: 26
Worksheet time: 14mins
Who makes economic decisions in a mixed economy?
Buyers
The government and individuals
Buyers & Sellers
Sellers
Who makes economic decisions in command economy?
Buyers and sellers
Buyers
The government
The government and individuals
Who makes economic decisions in a market economy?
Buyers and Sellers
Buyers
The Government
Both the Government and Individuals
What type of resource are factory workers?
Labor Resource
Land Resource
Capital Resource
Natural Resource
Cuba, North Korea, and Viet Nam primarily use what economic system?
Traditional Economy
Command Economy
Market Economy
Producers are
People Who Make Stuff
People Who Buy Stuff
People Who Consume Stuff
People Who Provide Services
David is going to McDonald's to buy a Big Mac and french fries. In economic terms, David is a __________.
Producer
Sucker
Supplier
Consumer
What is economics?
The study of how people deal with scarcity
The study of how governments work
The study of nature
The study of why we exist
Nike and Converse are finding that their running shoes are not selling well. What are they most likely to do with respect to supply of running shoes?
Increase Supply
Decrease Supply
Keep Supply Steady
Private property is owned by
The Federal Government
State Governments
Individuals or Groups of People
Opportunity Cost
Yellowstone National Park is controlled by the federal government. Therefore, Yellowstone is considered _____________.
Private Property
Public Property
Standard of Living
GDP
Who answers the 3 Economic Questions in America?
Mostly buyers and sellers, but also the government
Buyers
The Government
Buyers and Sellers
Gross Domestic Product or GDP is
the total dollar value of everything made in a country in a year.
the same as standard of living.
Adam's Smith's primary theory.
citizens' ability to get goods and services that they want.
The desire to earn a surplus is known as
GDP
Profit Motive
Private Property
Invisible Hand
Producers' incentive is generally related to their desire to
build something.
establish quotas.
earn a profit.
provide a service.
In a market economy, who determines prices?
Buyers and Sellers
The Government
Buyers
Kim Kardashian
Raheem was a goat herder in a remote part of Afghanistan. Both his father and grandfather were also goat herders. In what type of economic system would this most likely take place?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
Land or natural resources would include ________________.
wood, oil, and gold.
hammers, drills, and managers.
nature, people, and services.
telephones, computers, and printers.
The difference between a service and a good is _______________________.
you only pay for goods
services are things done for money while goods are things you can hold
goods are things done for money while services are things you can hold
you only pay for services
The fact that we lose satisfaction in something, the more we have of it is known as _____________________.
opportunity cost
invisible hand theory
the law of diminishing marginal utility
scarcity
Another term for factors of production is ____________.
outputs
opportunity costs
resources
GDP
Dalvin buys a new pair of Air Jordan's. If he had not bought the Air Jordan's he would have chosen Chucks. The Chucks represent Dalvin's ______________.
human capital
underutilization
opportunity cost
invisible hand
A person who starts a business to meet a previously unmet need is called a __________________.
CEO
entrepreneur
manager
bureacrat
What term refers to the fact that people always want more than the have the resources to get?
Productivity
Scarcity
Profit
Specialization
Mr. Jones makes $20,000 in a week at his grocery store. After paying his business-related bills, he has $6,000. The $6,000 represents a _______________.
gross revenue
business expense
profit
business income
What type of economics focuses on individuals, businesses, and households?
Voodoo Economics
Home Economics
Macroeconomics
Microeconomics
