WorksheetsEconomics Quiz
Total questions: 41
Worksheet time: 24mins
What is the term for the idea that resources limit the supply of what people want and need?
Supply & Demand
Goods
Scarcity
Services
Which term describes a cause-and-effect relationship of price?
Consumer
Supply & Demand
Producer
Mixed Economy
What are products that can be bought to use or keep called?
Services
Goods
Scarcity
Planned Economy
What term is used for jobs that you pay someone to do for you?
Goods
Services
Consumer
Producer
Who is someone that buys goods or services?
Producer
Consumer
Mixed Economy
Scarcity
Who is someone that makes goods or provides services?
Consumer
Producer
Goods
Services
What type of economy is where the government makes all decisions about how to solve scarcity?
Mixed Economy
Planned Economy
Supply & Demand
Scarcity
What type of economy combines private ownership and government control?
Planned Economy
Mixed Economy
Consumer
Producer
Housing construction is limited in a lumber shortage. This is an example of what economic concept?
scarcity
invisible hand
communism
capitalism
What is an example of a service?
Hot dog
Auto repair
factory
Lumber shortage
Which of the following is an example of a good?
Auto repair
Apples
Housing construction
Services
Which of the following is an example of a planned economy?
Canada
Cuba
United States
Germany
What would blueberries be considered?
good
service
producer
Consumer
What is an example of a producer?
Farmer
Consumer
Goods
Services
Which term is associated with people, businesses, and countries buying goods or services?
Producer
Consumer
Goods
Services
What is a doctor considered?
good
service
producer
consumer
What does competition in economics refer to?
Companies working together to set prices
Companies working against each other to offer better products
A single company controlling the market
Government setting prices for products
What is a monopoly?
When multiple companies share control over a market
When a single company has total control over a market
When the government controls the market
When consumers control the market
What is the concept of the "Invisible Hand"?
Government intervention in the economy
Adam Smith’s concept of individual actions driving the economy
A company’s control over the market
A hidden market force controlled by monopolies
What is considered a resource in economics?
Only money
Only land
Materials, physical or mental effort, and money
Only labor
What is an example of land as a resource?
Factory workers
Rivers
Cash
Investments
What does labor refer to in economics?
Money used to produce goods
Materials found in the environment
Physical or mental effort needed to produce goods
Investments in the stock market
What is an example of labor?
Rivers
Factory workers
Cash
Investments
What does capital refer to in economics?
Materials found in the environment
Physical effort needed to produce goods
Money or investments to produce goods
Government regulations
What is an example of capital?
Rivers
Factory workers
Cash or investments
Government policies
If it begins to rain at Disney World, demand for umbrellas will (a) ? (increase or decrease?)
If it begins to rain all summer, demand for sunscreen will (a) ? (increase or decrease?)
What will decrease if a store purchases too many red hoodies and they cannot sell?
(a)
What is a monopoly?
What was an example of a monopoly in Canada's history?
Canadian Armed Forces
The game monopoly is...
fun for the winners, frustrating for the losers
fun for the losers, frustrating for the winners
What is a market economy?
What is an example of a market economy?
Canada
Canada has this type of economy
(a)
Cuba is an example of this type of economy
(a)
Which type of economy is most associated with public ownership?
mixed
market
planned
all
Which type of economy identifies with the principles of individualism?
Significant government involvement is associated with...
planned economies
mixed economies
market economies
anarchy
Free, public universities would be MOST supported by which type of economy?
(a)
Select all planned economies:
Cuba
North Korea
Soviet Union (USSR)
New Zealand
What is a current example of a crown corporation?
CBC Radio
Canadian Tire
Tim Hortons
Air Canada
