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Real ECON Exam 🏆

Total questions: 29

Worksheet time: 15mins

Name
Class
Date
1.
Resources are _________.
a)
Scarce
b)
Plentiful
2.
People ___________ have everything they want.
a)
can
b)
can't
3.
A pair of $150 Nike shoes is an example of a ____________.
a)
need
b)
want
4.

Every choice involves a(n) __________.

a)
opportunity cost
b)
benefit
5.
People's skills and knowledge are examples of ___________ resources.
a)
capital
b)
human
c)
Natural
6.

When you buy clothes, you are buying a ____________.

a)
good
b)
service
7.

If you decide to play basketball, your next best alternative choice (example: watching TV instead) would be called the __________.

a)
Opportunity Cost
b)
Tradeoff
c)
Resource
d)
Needs and Wants
8.
Housing and food are examples of __________.
a)
Wants
b)
Needs
c)
Services
9.

Water& Trees are ___________ resources.

a)
Capital
b)
Human
c)
Natural
10.

The garbage man provides a __________.

a)
Good
b)
Service
c)
Natural Resource
11.
Things that improve your quality of life are ___________.
a)
Needs
b)
Wants
c)
Supply
d)
Demand
12.
A hammer used to build a good is an example of a __________ resource.
a)
Natural
b)
Human
c)
Capital
13.
_________ are people who buy goods and services for their own use.
a)
Consumers
b)
Producers
14.
___________ studies the use of scarce resources.
a)
Goal Setting
b)
Finance
c)
Economics
d)
Productive Resources
15.
__________ are people who work provide a good or service. (example: teacher)
a)
Human Resources
b)
Capital Resources
c)
Natural Resources
16.
__________ are those who combine resources to make goods and services for people to buy.
a)
Consumers
b)
Producers
17.
Limited resources and unlimited wants cause ___________.
a)
Economics
b)
Scarcity
c)
a Traditional Economy
d)
a Command Economy
18.
The quantity of a good or service that suppliers/producers will provide at different prices is the __________.
a)
Supply
b)
Demand
c)
Profit
d)
Revenue
19.
The amount of a good or service that people/consumers are willing and able to buy at a specific price is the ___________.
a)
Supply
b)
Demand
c)
Profit
d)
Revenue
20.

A teacher has 20 new pencils to hand out to her class of 30 students: based on the definitions of command, traditional and market economies identify which type of economy is described in this example: The Pencil Committee will decide who gets a new pencil.

a)
Market
b)
Traditional
c)
Command
21.

A teacher has 20 new pens to hand out to her class of 30 students: based on the definitions of command, traditional and market economies identify which type of economy is described in this example: New Pens Always go to Boys First.

a)
Market
b)
Traditional
c)
Command
22.

A teacher has 20 new pens to hand out to her class of 30 students: based on the definitions of command, traditional and market economies identify which type of economy is described in this example: The first 20 students who pay the fee will get a pen.

a)
Market
b)
Traditional
c)
Command
23.
Supply and demand drives economic choices is an advantage for what form of economy?
a)
Traditional
b)
Market
c)
Human
d)
Command
24.
North Korea is an example of a country that is under a __________ Economy
a)
Traditional
b)
Command
c)
Market
d)
Mixed
25.
What type of economy is described by doing things the way they have always been done?
a)
Traditional
b)
Command
c)
Market
d)
Mixed
26.
Which one of the following would NOT impact DEMAND?
a)
Change in consumer expectations
b)
Change in income
c)
Change in the number of buyers
d)
Change in the type of economic system
27.
Which one of the following would NOT impact SUPPLY?
a)
Change in number of sellers
b)
Change in opportunity cost of consumers
c)
Change in taxes and subsidies
d)
Change in resource (materials to produce product) prices
28.

Kristin received $100 for her graduation. She either wants to put it in her savings account or buy herself a new computer. When she buys the new computer, her opportunity cost is

a)

Graduating

b)

Buying the computer

c)
Putting the money into savings
29.

The price of Nike shoes rises. What will happen to the demand for Adidas shoes?

a)
Demand increases
b)
Demand decreases

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