WorksheetsCh 4 - Economics
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
The basic economic problem is
(a)
2.
In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed
a)
market
b)
controlled/command
c)
free
d)
mixed
3.
Marketers are most concerned with
a)
macroeconomics
b)
microeconomics
c)
minieconomics
d)
megaeconomics
4.
When a business offers to sell products to customers on credit (credit cards, payment plans, etc.), what kind of utility is it offering to customers
a)
Place
b)
Form
c)
Time
d)
Possession
5.
If there is a very large supply of a product, consumers will usually
a)
buy as much of the product as they can
b)
place a lower value on it
c)
pay more for it than they usually would
d)
refuse to buy the product at all
6.
Changes to the physical parts of a product to better satisfy needs and wants results in this type of utility.
a)
time
b)
place
c)
form
d)
possession
7.
The law of demand states that
a)
as the price of a product goes up, the quantity demanded will go up
b)
as the price of a product goes up, the quantity demanded will go down
c)
as the price of a product goes up, the quantity demanded will remain the same
8.
The opposite of pure competition is a
a)
monopolistic competition
b)
oligopoly
c)
monopoly
d)
private enterprise
9.
This term means the use of resources to obtain the greatest profit
a)
scarcity
b)
profit motive
c)
supply
d)
utility
10.
The amount of satisfaction a consumer receives from the consumption of a particular product or service is referred to as
a)
profit motive
b)
scarcity
c)
economic utility
d)
macroeconomics
11.
Supply is the relationship between the quantity of a product that businesses are willing and able to supply and the
a)
demand
b)
profit motive
c)
price
d)
utility
12.
In this type of economy, some goods and services are provided by the government and some by private enterprise
a)
command
b)
free
c)
mixed
d)
oligarchy
13.
The optimal point where supply and demand for a product is equal is known as
a)
supply curve
b)
demand curve
c)
profit motive
d)
market price/equilibrium point
14.
What is the estimated market price or equilibrium point in the chart below?
(a)
15.
A restaurant that is open 24-hours increases _____________ by making products more attainable (easier to buy) for customers.
a)
Form utility
b)
Place utility
c)
Time utility
d)
Possession utility
16.
When businesses expect to receive a higher price for a product, they will generally produce
a)
more
b)
less
c)
it will have no effect
100 %
