WorksheetsMoney Management Final
Total questions: 22
Worksheet time: 11mins
Name
Class
Date
1.
Economics is a study of consumer ___________?
a)
Choices
b)
Availability
c)
Supply
d)
Demand
2.
Every country has a unique ___________ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.
a)
Economic System
b)
Entrepreneurship
c)
Supply and Demand
d)
Command economy
3.
The U.S. is mostly a . . .
a)
Focused Economy
b)
Free Market
c)
GDP
d)
Demand
4.
What you choose to ________ has a(n) _________ on the economies of other countries.
a)
Buy; impact
b)
Make; influence
c)
Trade; affect
d)
Do; fallout
5.
Economic interdependence . . .
a)
Describes how all the countries of the world handle their money
b)
Means we are dependent on the economy for our happiness
c)
Describes how many countries and companies around the world depend upon each other
d)
Means that countries do not depend on each other for their economic well-being
6.
A _______________ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.
a)
Traditional
b)
Demand
c)
Market
d)
Mixed
7.
What is the definition of export?
a)
resources, materials, and goods a country produces and sells to another country
b)
resources, materials, and goods a country buys from another country
c)
the exchange of capital, goods, and services between different countries
d)
a government-imposed restriction on the number or value of imported or exported items
8.
The buying and selling of various goods and services is called
a)
Marketplace
b)
Trade
c)
Economic interdependence
d)
Scarcity
9.
_____________ is the science of the whole economy, while ____________ is the study of people, individual businesses, or markets.
a)
Global economics; microeconomics
b)
Macroeconomics; global economics
c)
Macroeconomics; microeconomics
d)
Microeconomics; macroeconomics
10.
Supply and demand helps us understand how the _________ of a particular product and the _________ for it affect the price of the item.
a)
Worth; supply
b)
Look; feel
c)
Demand; need
d)
Availability; desire
11.
What is the definition of Gross Domestic Product? (GDP)
a)
The total market value of all finished goods and services produced in a country in a given period of time
b)
Key statistics used to analyze a country‘s economy
c)
The general reduction of prices in an economy over time
d)
The persistent rise in the cost of goods and services over time
12.
Wind, water, and solar energy are examples of __________.
a)
Economic interdependence
b)
Nonrenewable resources
c)
Human capital
d)
Renewable Resources
13.
You can depend on the people in power to either make you wealthy or make you poor.
a)
True
b)
False
14.
The series of steps it takes to produce a product is called the . . .
a)
Economic sectors
b)
Production tiers
c)
Chain of production
d)
Market values
15.
______________ 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.
a)
Capitalism
b)
Socialism
c)
Market economy
d)
Monopoly
16.
______________ is an official ban on trade with a country
a)
Quota
b)
Tariff
c)
Rationing
d)
Embargo
17.
Inflation, deflation, the rate of economic growth, price levels, national income, changes employment rates, and GDP are all called . . .
a)
Stock markets
b)
Global Economy
c)
Developing countries
d)
Economic indicators
18.
A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called ______________
a)
Capitalism
b)
Socialism
c)
Embargo
d)
GDP
19.
Low supply and high demand increase the price of an item.
a)
True
b)
False
20.
What is the definition of equilibrium?
a)
describes the rise and fall in production output; it is generally divided into four stages: expansion, peak (prosperity), contraction (recession), and trough
b)
when businesses compete for a share of profit
c)
the state in which market supply and demand match each other, resulting in price stability
d)
how the availability of a product or service, and how much it‘s desired by consumers, affects the price
21.
Describe some of the differences between a developed and a developing country
4 lines
22.
Describe the type of economy that the United States operates under.
4 lines
100 %
