WorksheetsCH 9 Economics Review
Total questions: 19
Worksheet time: 29mins
Interaction of supply and demand determines—
profit
price
competition
choice
What leads to the production of higher quality goods at a lower price?
Scarcity
Incentives
Competition
Production
Consumers determine, through their purchases, the goods and services that are produced. This idea is known as—
consumer sovereignty
entrepreneurship
profit motive
production
Who are the decision makers for the private sector in the U.S. economy?
The government
Businesses and the government
Individuals and the government
Individuals and businesses
What is the inability to satisfy all wants at the same time?
Choice
Scarcity
Opportunity cost
Incentives
Combining human, natural, capital, and entrepreneurial resources to make goods and services is called—
A. consumption
B. resources
C. production
D. distribution
According to the scenario above, in which economy is Anthony operating?
A. Command economy
B. Forced market economy
C. Mixed economy
D. Traditional economy
According to the scenario above, the yard sale down the road is an example of—
A. profit
B. competition
C. opportunity cost
D. an incentive
According to the scenario above, Anthony’s earnings after all expenses have been paid are his—
A. price
B. scarcity
C. profit
D. consumption
What is determined by consumer preference and price?
Production
Consumption
Innovation
Distribution
In which economy do people often perform the same type of work as their parents, regardless of ability or potential?
Mixed economy
Command economy
Free market economy
Traditional economy
How do private financial institutions encourage saving and investing?
By receiving deposits
By paying interest on deposits
By making loans
By providing start-up capital
All of the following are true about entrepreneurs EXCEPT—
They increase competition by bringing new goods and services to market.
They take a risk to produce and sell goods and services in search of a profit.
They can only set up a proprietorship or corporation.
They often foster technological progress and economic growth.
Which type of business is authorized to act as a legal entity, regardless of the number of owners?
Proprietorship
Corporation
Partnership
Entrepreneurship
Technological innovations impact the global economy by—
raising the cost of production
producing goods and services at a higher opportunity cost
decreasing the flow of capital
contributing to the flow of goods and services
Which of the following uses tax revenue from individuals and businesses to provide public goods and services?
Individuals
Businesses
Governments
Households
In this scenario, Kate is a(n)—
producer
consumer
entrepreneur
human resource
What type of resource is pictured here?
Capital
Human
Natural
Entrepreneurial
According to the table above, what will happen if the price of a cupcake decreases from $2.00 to $1.00?
Customers will buy fewer cupcakes.
The cupcake baker's profits will increase.
There will not be enough cupcakes produced.
The cost of making the cupcakes will rise.
