WorksheetsPF 1-2 Quiz
Total questions: 10
Worksheet time: 30mins
What does the term "Economy" refer to?
All activities related to making and distributing goods and services in a country
Only the production of goods
Only the distribution of services
Supply and demand
Which concept is our market economy based on?
Supply and demand
Climate and weather
Population growth
Technology advancement
What is the definition of "Supply"?
Goods/services producers are willing to produce or provide
The amount consumers want to buy
The total population of a country
The number of jobs available
What happens to supply when demand increases?
Supply increases
Supply decreases
Supply stays the same
Supply disappears
What happens to supply when demand decreases?
Supply decreases
Supply increases
Supply remains unchanged
Supply doubles
What is the definition of "Demand"?
Our willingness/ability to buy goods and services
The amount producers want to sell
The number of factories in a country
The total exports of a nation
What happens to cost when demand increases?
Cost increases
Cost decreases
Cost stays the same
Cost is eliminated
Which of the following best describes the business cycle?
A constantly repeating cycle of economic changes
A one-time event in the economy
A cycle that only happens every century
A cycle that only affects agriculture
What follows the low point in the business cycle?
Recovery/growth
Recession
Decline
Stagnation
Which of the following is NOT a stage in the business cycle as described in the organizer?
Inflation
Peak
Recession
Recovery/growth
