Free Printable Econ Vocab Test Review

Worksheets

Econ Vocab Test Review

Total questions: 25

Worksheet time: 13mins

Name

Class

Date

Which of the following is an example of Utility?

¿Cuál de los siguientes es un ejemplo de utilidad?

Paying for a service

Buying a new car

Enjoyment from eating a meal

Investing in stocks

Define Substitute economically

A substitute is a type of financial investment.

A substitute is a good that cannot be replaced in consumption.

A substitute is a service that only benefits one party.

A substitute is a good or service that can replace another in consumption.

What is a command economy?

¿Qué es una economía dirigida?

A command economy is an economic system where the government centrally plans and controls all economic activities.

An economic system where supply and demand dictate production.

A market-driven economy with minimal government intervention.

A type of economy that relies solely on barter and trade.

What is a traditional economy?

¿Qué es una economía tradicional?

A traditional economy is an economic system that prioritizes government control over all resources.

A traditional economy is characterized by a focus on global trade and investment.

A traditional economy relies solely on advanced technology and industrial production.

A traditional economy is an economic system based on customs and traditions, and prioritizes survival.

Define Demand

Demand is the willingness and ability of consumers to purchase a good or service at different prices.

Demand is the amount of money consumers are willing to spend on a product.

Demand refers to the supply of goods by producers.

Demand is the total quantity of goods available in the market.

Define Fiat Money

Fiat money is currency that has value by government decree and is not backed by a physical commodity.

Fiat money is backed by gold reserves.

Fiat money is a type of cryptocurrency.

Fiat money is only used in international trade.

Define Representative Money

Definir dinero representativo

A form of barter system

Representative money is currency that represents a claim on a commodity.

Currency that has intrinsic value

A type of digital currency

Define Commodity Money

Commodity money is only used in barter systems.

Commodity money is a type of digital currency.

Commodity money is money that has intrinsic value, derived from the commodity it is made of. Often used in barter or trade

Commodity money has no physical form and exists only as a concept.

Which is an example of the Income Effect?

¿Cuál es un ejemplo del efecto renta?

If the price of apples rises, a consumer buys oranges

A consumer buys more apples regardless of the price change.

If the price of apples drops, a consumer buys the same amount of apples as before.

If the price of apples drops, a consumer buys more apples because they feel richer.

10.

Define Supply

Supply refers to the demand for a product or service.

Supply is the price consumers are willing to pay for a product.

Supply is the total number of consumers interested in a product.

Supply is the total amount of a product or service available to consumers.

11.

What is a Market Economy?

A market economy is an economic system driven by supply and demand with minimal government intervention.

A market economy relies solely on barter and trade without currency.

A market economy is controlled entirely by the government.

A market economy is characterized by fixed prices set by the government.

12.

Provide an example of the Law of Diminishing Marginal Utility

Eating one slice of pizza and feeling the same satisfaction each time.

Drinking water, which always provides the same level of satisfaction.

Eating a variety of foods, where each food item gives equal satisfaction.

Eating multiple slices of pizza, where the first slice gives high satisfaction, but each subsequent slice provides less satisfaction.

13.

What is Near Money?

Near money refers to physical cash only.

Near money is a type of long-term investment.

Near money is a term for debts that cannot be paid off.

Near money is a term for liquid assets that can be quickly converted into cash.

14.

Define Shortage

A temporary increase in supply.

A situation where demand exceeds supply.

A balance between supply and demand.

A situation where supply exceeds demand.

15.

Define Surplus

Surplus refers to a shortage of resources.

Surplus is the excess amount beyond what is necessary or required.

Surplus is the minimum amount required for survival.

Surplus is a type of financial investment.

16.

Define Elasticity of Supply

Elasticity of Supply measures consumer demand for a product.

Elasticity of Supply is the total amount of goods available in the market.

Elasticity of Supply refers to the time it takes to produce a good.

Elasticity of Supply is a measure of how much the quantity supplied of a good changes in response to a change in its price.

17.

Define Elasticity of Demand

Elasticity of Demand is the total quantity of goods available in the market.

Elasticity of Demand refers to the overall demand for a product regardless of price changes.

Elasticity of Demand measures consumer satisfaction levels.

Elasticity of Demand is a measure of how much the quantity demanded of a good changes in response to a change in its price.

18.

Define Incentive economically

An incentive is a fixed cost that must be paid regardless of actions taken.

An incentive is a factor that motivates individuals or organizations to act in a certain way.

An incentive is a penalty that discourages certain behaviors.

An incentive is a random event that has no impact on decision-making.

19.

Define Trade-off Economically

A trade-off is a situation where both choices can be fully obtained without any loss.

A trade-off refers to a situation where one choice is always better than the other.

Trade-offs are something you give up when making an economic choice.

A trade-off is the process of making a decision without any consequences.

20.

What is opportunity cost?

Opportunity cost is the total cost of all alternatives considered.

Opportunity cost refers to the financial cost of a decision only.

Opportunity cost is the value of the next best alternative that is given up when making a choice.

Opportunity cost is the benefit received from the best alternative chosen.

21.

Define scarcity (The core problem of economics) economically

Scarcity is the economic principle that all resources are infinite.

Scarcity refers to the abundance of resources available to meet human needs.

Scarcity is the condition where resources are limited and insufficient to satisfy all human wants.

Scarcity is the situation where resources are perfectly allocated to satisfy all wants.

22.

What is Equilibrium price?

The price at which demand exceeds supply.

The price set by government regulations.

The price that consumers are willing to pay regardless of supply.

The price at which supply equals demand.

23.

What is an economic system?

A set of laws governing business practices.

An economic system is a framework for managing economic activity in a society.

A type of currency used in trade.

A method for calculating taxes in a country.

24.

A test for elasticity, based on money made, and changes to that based on price

Una prueba de elasticidad, basada en el dinero ganado, y cambios basados en el precio.

total revenue test

absolute value test

demand elasticity test

demand shift assessment

25.

A model that shows how a market economy functions, and how money moves in it. Un modelo que muestra cómo funciona una economía de mercado y cómo se mueve el dinero en ella.

Circular Flow Model

Money Flow Model

Biser's Economic Model

Economic Flow Theory

100 %

Econ Vocab Test Review

Total questions: 25

Worksheet time: 13mins

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