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WorksheetsEconomics
Total questions: 15
Worksheet time: 15mins
A new bakery moves into the neighborhood. Now there are many more cookies that people can buy. How will the price of cookies change?
Price will go up.
Price will go down.
Cold weather in Florida kills many trees that grow oranges. How will the price of oranges change?
Price will go up.
Price will go down.
Julie sells hot chocolate during the winter. But this winter has been very warm. How will the price of hot chocolate change?
Price will go up.
Price will go down.
One company charges a high price to ship mail quickly. Soon many other companies start shipping mail just as quickly. How will the price of this service change?
Price will go up.
Price will go down.
If you save money, you are...
setting it aside for later.
using it on things you want now.
inventing new machines.
buying expensive toys.
Money that you put in a savings account
can be stolen by anyone who goes to the bank.
earns more money given by the bank (interest).
is gone forever and can never be seen again.
is put in a piggy bank.
Which of the following is a way that a business can use its money wisely?
It can use more expensive resources.
It can buy machines to make goods.
It can decide not to fix things that are broken.
all of the above
Why do businesses spend money to invent things?
to save money for later
to put money in the bank
to help fix broken down machines
to make new and better goods to sell
Why do countries trade with each other?
to stay friendly
to get things they want and need
to pay for transportation
to make other countries rich
Why does the United States sell wheat and buy bananas?
The United States grows a lot of wheat but not many bananas.
People like bananas more than they like wheat.
Wheat costs more than bananas.
Bananas cost more than wheat.
Which of the following will increase the profit at a lemonade stand?
using cheaper lemons
using more ingredients
selling during cold weather
giving glasses away for free
What is the primary focus of microeconomics?
National income and overall economic growth
Individual markets and consumer behavior
Government policies and taxation
International trade and finance
Which economic system is characterized by private ownership and free markets?
Socialism
Communism
Capitalism
Feudalism
What is the law of demand in economics?
As the price of a good increases, the quantity demanded increases
As the price of a good decreases, the quantity demanded decreases
As the price of a good increases, the quantity demanded decreases
As the price of a good decreases, the quantity demanded remains constant
Who is known as the father of modern economics?
John Maynard Keynes
Karl Marx
Adam Smith
Milton Friedman
