WorksheetsWork-Force Concepts Final Study Guide
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
Name
4 lines
2.
True or False: Government Regulatory Agencies are made for the government to control everything.
a)
True
b)
False
3.
True or False: Wage Discrimination exists.
a)
True
b)
False
4.
The value/representation of a person's labor
a)
Money
b)
Demand
c)
Supply
d)
Wages
5.
The FDA, EPA, OSHA, and other agencies are how the U.S government:
a)
Regulates Taxes
b)
Monitors Workplace Profits
c)
Protects Consumers
d)
Reduces Unemployment
6.
What are the Factors of Production?
a)
Nature, Skills, Ideas, Tools
b)
Natural Resources, Labor, Mogul Moves, Capital
c)
Air, Workers, Capital, Entrepreneurship
d)
Natural Resources, Labor, Capital, Entrepreneurship
7.
Which of these is NOT Capital?
a)
A hammer for a construction worker
b)
A marker for a teacher
c)
An artist's experience
d)
A spatula for a chef
8.
Which person's labor is the most valuable to a restaurant?
a)
A person with 10 years of teaching experience
b)
A person with 25 years of construction work experience
c)
A person with 5 years of cooking experience
d)
A person with 8 years of waste management experience
9.
The price of Dr. Pepper Zero increases. The Dr. Pepper Zero factories make more of it representing which Economic concept?
a)
Law of Pepper
b)
Law of Demand
c)
Law of Supply
d)
Law of Shifters
10.
Raspberry Arizona Iced Tea is scientifically proven to make you better at History class, making the price go up. As the price goes up, less people buy it. What economic concept does this represent?
a)
Law of Supply
b)
Law of Tea
c)
Law of Demand
d)
Law of Shifters
11.
Which is an example of a Price Ceiling?
a)
The government makes it so whiteboard markers must be sold for at least 1 dollar.
b)
OSHA mandates businesses to give their employees safety equipment.
c)
An entrepreneur contacts a friend who knows J.Cole.
d)
The government makes it so rent cannot go past $2800 a month in apartments.
12.
Which is an example of a Price Floor?
a)
The government makes it so whiteboard markers must be sold for at least 1 dollar.
b)
OSHA mandates businesses to give their employees safety equipment.
c)
An entrepreneur contacts a friend who knows J.Cole.
d)
The government makes it so rent cannot go past $2800 a month in apartments.
13.
The magical price where Suppliers and Demanders are satisfied
a)
Equal Cost
b)
Magical Numbers
c)
Equilateral Price
d)
Equilibrium Price
14.
Which of the following could be a part of Wage Discrimination?
a)
Gender
b)
Age
c)
Ethnicity
d)
All of these
15.
What is Wage Discrimination?
a)
Paying certain people less based on gender, age, or ethnicity
b)
Paying certain people less for having less skills than others
c)
Paying certain people less because of taxes
d)
Paying certain people less because of their time at the job
16.
What is labor?
a)
The skills and talents a worker can do
b)
The tools to complete a task
c)
The people who are of age and are actively looking for work
d)
The decisions a person makes based off the costs and benefits of the situation
17.
From our Guest Speakers, who was your favorite? What did you like about their presentation/speech that felt the best?
List of speakers:
Gerald (Fleet Manager/Veteran)
Camille Vicente (Advertising)
Margot Juan (Medical Scribe)
Areli Gonzalez (Nail Technician/Salon Owner)
Ken Miller (Ironworkers Guild)
4 lines
18.
Define Price Ceiling
a)
A price ceiling is a government-imposed limit on how low a price can be charged for a product or service.
b)
A price ceiling is a government-imposed limit on the quantity of a product that can be produced.
c)
A price ceiling is a government-imposed limit on the quality of a product or service.
d)
A price ceiling is a government-imposed limit on how high a price can be charged for a product or service.
19.
Define Price Floor
a)
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product.
b)
A price floor is a situation where prices are determined by the forces of supply and demand.
c)
A price floor is a market equilibrium where supply exceeds demand.
d)
A price floor is a government- or group-imposed price control or limit on how high a price can be charged for a product.
20.
Define Capital
a)
Capital is the financial value of liabilities
b)
Capital is the value of assets or the tangible machinery and production equipment used in manufacturing facilities.
c)
Capital is the physical location of a business
d)
Capital is the amount of money borrowed from a bank
21.
Define Labor
a)
Labor is the process of planting crops
b)
Labor is the physical or mental effort exerted to produce goods or services.
c)
Labor is the act of sleeping
d)
Labor is the term used for a group of birds
22.
Define Wages
a)
Wages are the payment for a worker's specialized labor.
b)
Wages are bonuses received by employees for good performance
c)
Wages are gifts given by employers to employees
d)
Wages are payments made by employees to employers
23.
Define Labor Market
a)
Labor market is the process of hiring employees
b)
Labor market is the exchange of goods and services
c)
The labor market is the supply of people actively looking for work.
d)
The labor market refers to the stock market
24.
Define profit margin
a)
Profit margin is the amount of money left over after all expenses are paid.
b)
Profit margin is the ratio of assets to liabilities.
c)
Profit margin is the amount of revenue that exceeds the costs associated with generating that revenue.
d)
Profit margin is the total revenue generated by a company.
25.
Define Surplus
a)
Surplus is the extra amount you have after all demand is met.
b)
Surplus is the amount by which actual production or income matches what is expected or needed.
c)
Surplus is the amount by which actual production or income falls short of what is expected or needed.
d)
Surplus is the amount by which actual production or income is irrelevant to what is expected or needed.
26.
Define Entrepreneurship
a)
The process of managing an existing business
b)
The leadership and executive decision making in a business.
c)
The act of investing in the stock market
d)
The art of writing novels
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