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WorksheetsCivics Unit 10 Week 1
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
What is scarcity?
a)
When there's not enough of something to meet wants
b)
When prices are too high
c)
When resources are unlimited
d)
When consumers stop buying
e)
When the government makes all choices
2.
What is opportunity cost?
a)
What you give up when you make a choice
b)
The money a product costs
c)
The best option available
d)
A type of income
e)
The amount of a good produced
3.
Which of the following is an example of a natural resource?
a)
Trees
b)
Teachers
c)
Tractors
d)
Credit cards
e)
Money
4.
What is the definition of resources in economics?
a)
Factors used to produce goods and services
b)
Bank accounts
c)
Items sold in a store
d)
A type of market
e)
Scarce products
5.
What are the four main types of resources?
a)
Natural, Human, Capital, Entrepreneurship
b)
Monetary, Land, Material, Personal
c)
Labor, Tools, Management, Investment
d)
Free, Private, Shared, Government
e)
Traditional, Command, Free Market, Mixed
6.
What is choice in economics?
a)
Picking between two or more options
b)
Getting a discount
c)
Saving money
d)
Trading for goods
e)
Selling products
7.
In the U.S. economy, who primarily owns property and businesses?
a)
Individuals and private businesses
b)
The president
c)
The federal government
d)
The military
e)
State officials
8.
What is consumer sovereignty?
a)
Consumers decide what goods are produced
b)
The government controls prices
c)
Consumers pay taxes
d)
Businesses set laws
e)
Producers are elected
9.
Which of the following best describes the U.S. economy?
a)
A mixed economy with mostly free market features
b)
A complete command economy
c)
A traditional economy
d)
A socialist system
e)
A bartering system
10.
Which term describes the ability to own things legally in the U.S. economy?
a)
Private property
b)
Free trade
c)
Public domain
d)
Government control
e)
Public property
11.
What motivates people and businesses to improve products and lower prices?
a)
Profit motive
b)
Monopoly
c)
Government policy
d)
Inflation
e)
Public pressure
12.
What does competition lead to in the economy?
a)
Better quality and lower prices
b)
Higher taxes
c)
Less business ownership
d)
Fewer consumers
e)
No producers
13.
What is demand?
a)
How much of a good consumers are willing and able to buy
b)
How much of a good producers want to sell
c)
The number of stores in an area
d)
The price of labor
e)
A government regulation
14.
What is supply?
a)
The amount of a good or service producers are willing to sell
b)
The amount consumers want
c)
The total price of goods
d)
A sales strategy
e)
Government involvement
15.
When supply goes up and demand stays the same, what usually happens to price?
a)
It goes down
b)
It goes up
c)
It stays the same
d)
It becomes illegal
e)
It doubles
16.
When demand increases and supply stays the same, what happens to price?
a)
It goes up
b)
It goes down
c)
It disappears
d)
It freezes
e)
It’s removed by government
17.
What is price in a market economy?
a)
The amount of money exchanged for a good or service
b)
A type of tax
c)
A business name
d)
A product’s quality
e)
A government rule
18.
Who sets prices in a market economy?
a)
Supply and demand
b)
Government only
c)
Banks
d)
The president
e)
Employees
19.
What is consumption?
a)
Using goods and services
b)
Making goods and services
c)
Saving money
d)
Producing new factories
e)
Starting a business
20.
Who is considered a consumer?
a)
Someone who buys and uses goods and services
b)
A business owner
c)
A government official
d)
A bank manager
e)
A producer
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