WorksheetsEconomics Review
Total questions: 28
Worksheet time: 18mins
What will happen to the price of corn if almost no rain falls on corn crops?
The price will increase
The price will decrease
What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?
The price will increase
The price will decrease
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
Which graph depicts a supply curve?
A
B
C
D
Select all that apply. The law of supply states that__________.
as price increases, supply increases
as price increases, demand decreases
as prices decrease, supply increases
as price decreases, supply decreases
Defined as: to bring in a product or service from another country.
imports
goods
services
exports
A market is said to be in equilibrium when
when demand is higher than the supply
when demand is lower than the supply
when the demand and supply quantities are equal
when the supply is doubled the demand
What exists when quantity supplied is greater than quantity demanded?
Surplus
Shortage
Overflow
Mass outrage
What determines the prices of goods and services?
Supply
Demand
Supply and demand
Goods
In the circular flow model, what do individuals SELL to businesses
Services
Money
Resources
Goods
In the circular flow model, what do businesses provide to individuals and households?
Goods and services
Public goods and services
Resources
Taxes
Governments use tax revenue from individuals and businesses to provide______.
resources to businesses
goods and services to households
money to individuals in return for labor
public goods and services
In the circular flow model, what do individuals receive from businesses in return for their labor?
Services
Money
Resources
D Goods
Which of the following is NOT an example of a public good or service?
Fire departments
Public schools
Wal-Mart
Roads and highways
Which of the following is NOT a part of the circular flow model of the U.S. economy?
Government
Households
Businesses
Foreign nations
