WorksheetsEcon Unit 1 Preview
Total questions: 8
Worksheet time: 4mins
Using the Chick-fil-a APP will allow you to earn points for rewards for free food. This is an example of what kind of competition?
Non-Price Competition
Unfair Competition
Specialty Competition
Price Competition
Due to increased sales TJ Maxx hires more workers, they are investing in _______.
Land
Labor
Capital
Entrepreneurship
When the price of chocolate bars increased, many consumers began buying gummies instead. What is the most likely reason for the increased demand of gummies?
Cost of substitute product
Cost of complimentary product
Change in market
cost of inputs
If you go and agree purchase a new laptop for $2000, you are exercising which of your rights in the U.S. Free Enterprise system?
Voluntary Exchange
Private Property
Competition
Open Opportunity
If the cost of coffee beans increased substantially, what would most likely happen to the market for ground coffee?
Supply would Decrease
Supply would Increase
Demand would Decrease
Demand would Increase
When the price of Honda Civic dropped from $22,000 to $18,000, sales of the car rose by 30%. This is an example of
Law of Demand
Law of Supply
Equilibrium Price
Open Opportunity
In the circular flow diagram, which of the following is most likely to happen in the resource market?
Government provides Roads for businesses and households
Businesses sell cars to households
Households sell labor to businesses
Households sell clothing to businesses
Which statement BEST describes the role of the government in a mixed economic system?
It controls necessary industries such as utilities and hospitals.
It restricts the purchases of resources by business.
It owns all businesses.
It owns most land and capital resources.
