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Worksheets7th HR-Chapter 13 Test
Total questions: 50
Worksheet time: 26mins
Economics is a study of consumer _________.
Choices
Availability
Supply
Demand
Every country has a unique ________ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.
Economic system
Entrepreneurship
Supply and demand
Command economy
The U.S. is mostly a . . .
Focused economy
Free market
Demand
GDP
What you choose to __________ has a(n) __________ on the economies of other countries.
A. Buy; impact
B. Make; influence
C. Do; fallout
D. Trade; affect
Economic interdependence . . .
Describes how all the countries of the world handle their money
Describes how many countries and companies around the world depend upon each other
Means that we're all dependent upon the economy for our personal happiness
Means that countries do not depend on each other for their economic well-being
A __________ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.
Market
Mixed
Traditional
Command
What is specialization?
It's when a person chooses to specialize in one career field but it ends up harming their economy.
It's when a capitalist nation decides to focus its efforts on producing only 7 types of services.
It's when a country focuses its efforts on producing a limited variety of goods or services.
It's when an economy is completely self-sustaining.
The buying and selling of various goods and services is called ___________.
Marketplace
Trade
Scarcity
Economic interdependence
___________ is the science of the whole economy, while ___________ is the study of people, individual businesses, or markets.
Global economics; microeconomics
Macroeconomics; global economics
Macroeconomics; microeconomics
Microeconomics; macroeconomics
Supply and demand helps us understand how the ___________ of a particular product and the ___________ for it affect the price of the item.
Worth; supply
Look; feel
Demand; need
Availability; desire
A product that's sold to the global market is called ___________ while a product that's bought from another country is called ___________.
An export; a demand
A resources; an export
An export; an import
A GDP; an import
Which factor of production refers to the man-made objects like tools, machinery, buildings, and equipment needed for production?
Products
Capital
Tertiary
Market
Socialism is an example of a ___________ economy where the ___________ is/are at the center.
Market; people
Free; monopoly
Specialized; market
Command; government
___________ is the desire to make a profit, and it isn't greedy. It keeps businesses in ___________.
A. Profit motive; business
B. Profit sharing; limbo
C. Goal setting; debt
D. Competition; stabilization
Wind, water, and solar energy are examples of ___________.
Renewable resources
Economic interdependence
Nonrenewable resources
Human capital
You can depend on the people in power to either make you wealthy or make you poor.
True
False
The series of steps it takes to produce a product is called the . . .
Chain of production
Economic sectors
Factors of production
Market values
(a) never really works for an economy because there's little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.
Capitalism
Socialism
Market economy
Monopoly
___________ doesn't/don't exist in a command economy because there are fewer options for goods and services and they're controlled by the government.
Customers
Retailers
Competition
Goods and services
(a) is an official ban on trade with a country.
Embargo
Sanction
Tariff
Quota
Inflation, deflation, the rate of economic growth, price levels, national income, changes in employment rates, and GDP are all called . . .
Stock markets
Global economy
Developing countries
Economic indicators
A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called_______.
Socialism
Mixed economy
Specialization
During the__________ phase of the business cycle, GDP growth falls, unemployment levels rise, income is in decline, and the stock market declines.
Peak
Trough
Expansion
Low supply and high demand increase the price of an item.
True
False
What is scarcity?
It's a restriction placed on goods and services.
It's something that occurs when there's greater demand for something than what's available.
It's when the government controls the amount of goods or services being used.
It happens when the government takes action to restrict international trade.
Whether a country is developed or developing depends on . . .
The age of their country and when their economy plans to retire
The country's per capita income, standard of living, technology, education, personal freedom and poverty level
The amount of native people living in the country at the time of development
Their overall population and how quickly their country is currently growing
An extreme result of free-market capitalism without government regulation is referred to as . . .
A. A monopoly
B. Capitalism
C. Socialism
D. A mixed economy
If the government fears there may be a shortage of something, they may choose to ___________ it.
Capitalize on
Quota
Tariff
Ration
The total value of all the finished goods and services produced in a country for a specific period of time is called ___________.
Inflation
Deflation
Standard of living
Gross domestic product (GDP)
Equilibrium is . . .
The point at which the economy reaches its maximum level of growth
The lowest point in the business cycle, after a recession
When the market supply and demand match each other, resulting in price stability
When the availability of a product and how desired it is by consumers affect its price
Economists study the data of economic indicators because:
It helps in understanding economic trends and making forecasts.
It is a mandatory requirement for all economists.
It is a way to increase their personal wealth.
It is a tradition passed down through generations.
What are the four factors of production that an economy needs in order to produce something?
Land, Labor, Capital, Entrepreneurship
Money, Machines, Management, Materials
Resources, Revenue, Risk, Return
Planning, Production, Profit, People
How do your daily choices affect the global economy?
They have no impact on the global economy.
They can influence demand and supply chains.
They only affect local businesses.
They are too insignificant to matter.
The United States operates under which type of economy?
Command economy
Traditional economy
Mixed economy
Market economy
Match the economic systems to its characteristics or meaning.
Command economy
Centrally owned by the government
Mixed economy
Public and private sectors
Traditional economy
Customs, family, and historical basis
Free Market
Private sector, profit, and minimal gov.
Which of the following best describes a mixed economy?
An economy where the government controls all production
An economy based only on agriculture
An economy with no private businesses
An economy combining elements of both free market and government regulation
What happens to the price of a product when supply increases but demand stays the same?
The price usually decreases
The product becomes unavailable
The price remains unchanged
The price usually increases
Which of the following is considered a nonrenewable resource?
Hydroelectric power
Wind energy
Solar energy
Coal
The total value of all the goods and services produced in that country in one year.
Gross Domestic Product Per Capita
Unemployment Rate
Gross Domestic Product (GDP)
Total Sales and Revenue
Which of the following is NOT considered a factor of production?
Entrepreneurship
Technology
Labor
Land
What is the main effect of increased demand and unchanged supply on the price of a product?
The price remains the same
The product becomes obsolete
The price increases
The price decreases
Which term describes the situation when countries rely on each other for goods, services, and resources?
Market isolation
Economic independence
Economic interdependence
Resource monopoly
Which of the following best explains the concept of scarcity in economics?
Resources are unlimited and wants are limited
Resources are limited and wants are unlimited
All goods are free for everyone
There is no need to make choices
Which economic system is characterized by government ownership of resources and centralized decision-making?
Market economy
Mixed economy
Command economy
Traditional economy
Which of the following is an example of a renewable resource?
Oil
Natural gas
Coal
Wind energy
Which economic system relies primarily on customs, traditions, and beliefs to make economic decisions?
Command economy
Mixed economy
Traditional economy
Market economy
Which of the following is considered a nonrenewable resource?
Solar energy
Wind
Water
Coal
In a market economy, who primarily decides what goods and services are produced?
Consumers and producers
The government
International organizations
Tradition and customs
What happens to the price of a product when supply increases but demand stays the same?
The price remains unchanged
The product becomes scarce
The price decreases
The price increases
