WorksheetsEPF U1 Vocab
Total questions: 19
Worksheet time: 6mins
Name
Class
Date
1.
What is a free market?
a)
An economic system where prices for goods and services are set by vendors and consumers and are free from any government intervention.
b)
An economic system where the government sets all prices.
c)
An economic system with only large corporations.
d)
An economic system with no competition.
2.
What is macroeconomics?
a)
The study of the economy as a whole, focusing on the national and global level.
b)
The study of individual consumers and businesses.
c)
An economic system where traditions dictate economic activity.
d)
An economy controlled by the government.
3.
What is a market economy?
a)
An economic system where production and distribution are based on supply and demand, and prices are determined by equilibrium.
b)
An economic system where the government controls the economy.
c)
An economic system based on bartering.
d)
An economic system with elements of both free markets and government control.
4.
What is a traditional economy?
a)
An economic system where customs and beliefs shape the goods and services produced and their distribution.
b)
An economic system where the government controls all resources.
c)
An economic system driven by supply and demand.
d)
An economy with a mix of government control and free markets.
5.
What is a command economy?
a)
An economic system in which the government controls the factors of production and distribution of income.
b)
An economic system driven by consumer choice.
c)
An economic system combining private businesses and government mandates.
d)
An economic system where decisions are based on tradition.
6.
What is a mixed economy?
a)
An economic system combining private businesses and government mandates.
b)
An economic system with no government intervention.
c)
An economic system where tradition dictates production.
d)
An economic system in which the government controls the factors of production and distribution of income.
7.
What is opportunity cost?
a)
The potential benefit that is given up when making a choice.
b)
The direct cost of a decision.
c)
The act of choosing the best option.
d)
The point where supply equals demand.
8.
What is an economic indicator?
a)
A piece of data used to judge the health of an economy.
b)
A government regulation.
c)
A type of currency.
d)
A business plan.
9.
What is supply?
a)
The amount of a good or service that producers will provide to the marketplace at a given price.
b)
The desire for a good or service.
c)
The quantity of goods available.
d)
The quantity of a good or service that people are willing and able to buy at a given price during a given period.
10.
What is demand?
a)
The quantity of a good or service that people are willing and able to buy at a given price during a given period.
b)
The availability of a resource.
c)
The process of producing goods and services.
d)
The amount of a good or service that producers will provide to the marketplace at a given price.
11.
What is equilibrium?
a)
A state where supply and demand are balanced, and prices are stable.
b)
A state where there is excess supply.
c)
A state where there is excess demand.
d)
A state of constant price fluctuation.
12.
What are complementary goods?
a)
Goods that are used together.
b)
Goods that can be used in place of each other.
c)
Goods that are unrelated to each other.
d)
Goods that are sold at the same price.
13.
What is elasticity?
a)
The change in demand for a product as its price changes.
b)
The total revenue earned from sales.
c)
The cost of producing a good or service.
d)
The level of government regulation in a market.
14.
What are substitute goods?
a)
Goods that can be used in place of each other.
b)
Goods that are always used together.
c)
Goods that are unrelated to each other.
d)
Goods that are sold at different prices.
15.
What is marginal thinking?
a)
The process of analyzing the additional costs and benefits of a small change.
b)
The process of making decisions based on emotions.
c)
The process of ignoring costs and benefits.
d)
The process of only considering long-term effects.
16.
What are related goods?
a)
Goods that are connected in consumption or production.
b)
Goods that are always sold together.
c)
Goods that have the same origin of production.
d)
Goods that are identical in quality.
17.
What is an oligopoly?
a)
A market structure in which a few firms dominate.
b)
A market structure with many small firms.
c)
A market structure with only one firm.
d)
A market structure with perfect competition.
18.
What is a trade-off?
a)
The act of giving up one thing for another.
b)
The best alternative forgone.
c)
The point where supply equals demand.
d)
The additional cost of producing one more unit.
19.
What is microeconomics?
a)
The study of individual consumers and businesses.
b)
The study of the economy as a whole.
c)
An economy where the government makes all the decisions.
d)
An economy with no government intervention.
100 %
