WorksheetsEconomics Quiz
Total questions: 13
Worksheet time: 7mins
Sal was promised a new vehicle for his 18th birthday. He was given a choice between a truck and a car. Sal chose the truck because he was planning to go 4-wheeling over the summer. The car represents which economic principle?
Opportunity cost
Supply
Demand
Resources and Choice
Consumer preference and price determine
What is produced
What is purchased
Price
Opportunity cost
Devon is digging a hole for the basement of a new home. The digging has left large piles of dirt on the property and he must use a bulldozer to move the dirt. The bulldozer is an example of what type of resource.
Entrepreneurship
Human
Natural
Capital
Each of us is a consumer because we
Provide skills and labor to produce goods
Use a barter system instead of money
Live in a democratic society
Purchase goods and services
While on vacation, Adam went to the store and found that there was only one brand of chips, hot dogs, bread, and milk. Adam is most likely visiting a country that is exercising which type of economy?
Free market
Mixed
Traditional
Command
Which answer choice below best describes the rivalry between producers/sellers of a good or service that results in better quality goods and services at a lower price.
Profit
Consumer sovereignty
Competition
Scarcity
Sam and Son, Incorporated is a manufacturing business that acts as a legal person regardless of the number of owners in the company. What type of business organization is Sam and Son?
Corporation
Proprietorship
In 1978, two friends decided to take a risk and open an ice cream business in Vermont. Their ice cream became popular and today Ben & Jerry's has become a worldwide business. What type of business ownership did Ben & Jerry's start out as?
Proprietorship
Partnership
Corporation
Competition
Businesses sell ________ to households and governments.
Products
Shares
Resources
Services
Which of the following earns interest?
Cash
Credit cards
Money in a savings account
Stocks purchased through a broker
The use of technology lowers the cost of ________.
Labor
Resources
Rent
Virginia and the United States trade to increase all of the following EXCEPT
Power
Wealth
Efficiency
Growth
What creates new jobs in the workplace?
Computers
People
Technological advancements
New college degree plans
