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Economics

Total questions: 111

Worksheet time: 1hrs 9mins

Name
Class
Date
1.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
2.
How will scarcity of a capital good impact price?
a)
Price would go up
b)
Price would go down
c)
Price would stay the same
d)
You wouldn't sell any
3.
Which of these jobs is involved in production?
a)
Secretary
b)
Factory worker
c)
Truck driver
d)
Zoo keeper
4.
Quantity means
a)
best item
b)
the amount
5.
What do you need to produce other goods and services?
a)
consumer goods
b)
capital goods
c)
nondurable goods
d)
Gross Domestic Product (GDP)
6.
The thing that you give up (the next best alternative) when you make a decision is known as
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
7.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
8.
How much people want something
a)
supply
b)
demand
9.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
10.
The first step in making a decision is to: 
a)
A. Brainstorm possible solution
b)
B. Describe the problem or situation
c)
C. Consider the consequences
d)
D. Evaluate the decision
11.

What are the characteristics of a traditional economic system?

a)

Relies on government

b)

Driven by consumers

c)

built upon traditions, customs, and beliefs

12.

An economic system in which individuals and businesses make decisions about what to produce.

a)

Market economy

b)

Mixed economy

c)

Communism

d)

Command economy

13.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

14.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
15.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
16.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
17.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
18.
Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional 
b)
Free Market
c)
Mixed
d)
Command
19.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
20.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
21.

_____ is the study of how people manage limited resources to satisfy their wants and needs.

a)

Economics

b)

Supply

c)

Demand

d)

Business Plan

22.

In this type of economy, economics decisions are made by individuals and businesses.

a)

Traditional

b)

Command

c)

Market

23.

In this type of economy, people barter to obtain goods and services they need.

a)

Traditional

b)

Command

c)

Market

24.

In this type of economy, the government makes all of the economic decisions.

a)

Traditional

b)

Command

c)

Market

25.

In this type of economy, technology and money do not play a significant role.

a)

Traditional

b)

Command

c)

Market

26.

In this type of economy, there is no competition between businesses.

a)

Traditional

b)

Command

c)

Market

27.

In this type of economy, jobs usually relate to the family or are passed down by the parents to their children.

a)

Traditional

b)

Command

c)

Market

28.

In this type of economy, businesses are not created to make a profit, only to meet a quota.

a)

Traditional

b)

Command

c)

Market

29.

In this type of economy, businesses compete with each other to make a profit.

a)

Traditional

b)

Command

c)

Market

30.

In this type of economy, supply and demand help businesses earn a profit.

a)

Traditional

b)

Command

c)

Market

31.

_____ is the amount of a good or product that is available.

a)

Demand

b)

Supply

c)

Price

d)

Economics

32.

_____ is the amount of a good or product that consumers want.

a)

Demand

b)

Supply

c)

Price

d)

Business Plan

33.

Beans! Everyone loves beans! What will happen to the price of beans if the supply remains the same, but demand begins to go up?

a)

Increase

b)

Stay the same

c)

Decrease

34.

If the price of a good or product increases, how will consumers react?

a)

They will continue to buy that good.

b)

They will buy twice as much of that good.

c)

They will find a similar good that has a lower price.

d)

They will start a protest.

35.

A person who is innovative in creating a business that fills a need by providing a good or service is called an _____.

a)

CFO

b)

CEO

c)

President

d)

Entrepreneur

36.

How do entrepreneurs benefit a market economy? Choose the two best statements.

a)

Increases employment

b)

Raises taxes for everyone.

c)

Limits innovation.

d)

Increases competition

37.

How does competition affect a market economy? Choose all that apply.

a)

Encourages innovation and improved products or services.

b)

Limits the amount of profit a company can earn.

c)

Influences what price a company can charge for their goods or services.

d)

Allows people to barter for goods and services with anyone they want.

38.

Why is it important to carefully consider the target audience for your product or service?

a)

To understand what the competition is doing

b)

In order to know where to best manufacture the product

c)

So you know who is most likely to purchase your product or service

d)

So you know that your product is solving a problem.

39.

How does market research help you understand the competition?

Choose all that apply!

a)

Demonstrates how your product or service is better than your competition

b)

Discover who their target audience is

c)

Determine the price your competition is charging for their product or service

d)

Consider what the competition's products or services do

40.

What factors should you consider when thinking about who your target audience is?

a)

Age

b)

Location

c)

Special Interests or Hobbies

d)

How much money they have

41.

The type of government that has total control over the people and the police use power by force is called what?

a)

Anarchy

b)

Monarchy

c)

Limited

d)

Authoritarian

42.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
43.
This type of economy is passed down through family traditions. They learn from their parents. 
a)
Traditional 
b)
Market 
c)
Mixed 
d)
Command 
44.

Which type of economy has central ownership, the government, and lack of individual choice?

a)

Market

b)

Mixed

c)

Command

d)

Traditional

45.
Which type of economy is usually paired with a Communist government?
a)
Mixed
b)
Market
c)
Command
d)
Traditional
46.

Who invented communism?

a)

Plato

b)

Karl Marx

c)

Paul Samuelson

d)

Adam Smith

47.

Capitalism is in what type of economy?

a)

Traditional

b)

Command

c)

Market

d)

Authortarian

48.
Which of the following are markets involved in the circular flow model?
a)
Factor Market and Resource Market
b)
Labor Market and Product Market
c)
Factor Market and Product Market
d)
Resource Market and Labor Market
49.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
50.

This means that the government should not interfere in the marketplace.

a)

Laissez Faire

b)

Capitalism

c)

Communism

d)

Socialism

51.

When customers and business owners exchange products and money, because it will help them both in some way.

a)

voluntary exchange

b)

volunteering to help someone for free

c)

opportunity cost

d)

reading quizzes

52.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

53.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

a)

subsistence

b)

specialization

c)

scarcity

d)

bartering

54.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

55.

A economist who introduced the steady increase of the supply of money within growing economies.

a)

David Ricardo

b)

John Maynard Keynes

c)

Milton Friedman

d)

Beatrice Webb

56.

The development of a worldwide economy where resources flow fairly freely across borders.

a)

Globalization

b)

Economy

c)

GDP

d)

Economic Independence

57.

Privatization refers to ....

a)

Transfer of assets from people to government

b)

Transfer of assets from public to private organizations

c)

Transfer of assets from corporate to public

d)

Transfer of assets from corporate to government

58.

Buyers choose what items are produced based on their spending habits

a)

Consumer Sovereignty

b)

Factors of Production

c)

Efficiency

d)

Cost / Benefit Analysis

59.
The driving force behind people going into business is
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
60.
The concept that people have the right and privilege to control their possessions as they wish.
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
61.

What is Economics?

a)

The study of the supreme court decisions

b)

The study of the choices people make to satisfy their unlimited wants and needs.

c)

The study of the environmental rights in society

d)

The study of historical choices in American Politics

62.

A limited amount of resources to meet unlimited wants and needs.

a)

Scarcity

b)

Opportunity Cost

c)

Bartering

d)

Economics

63.

What are the 3 basic Economic questions?

a)

Who, what, and for when to buy?

b)

Why, for what, and for whom to decide?

c)

When, why, and how to galvanize?

d)

What, how, and for whom to produce?

64.

Which of the following is an example of a trade off?

a)

Buying popcorn or ice cream

b)

Going to class and having fun

c)

Wearing a sweater during the winter

d)

None of the above

65.

The value of the next best alternative that is given up

a)

Opportunity Cause and Effect

b)

Opportunity Cost

c)

Scarcity

d)

All the above

66.

Your friend spends all night playing video games instead of studying for this quiz. What is the opportunity cost?

a)

Playing video games

b)

More time spent studying

c)

Eating noodles

d)

Voting in an election

67.

What is trade?

a)

focusing on one aspect of production

b)

—When producers and consumers voluntarily agree to sell their personal rights

c)

When businesses and government provide information on consumers

d)

—When producers and consumers voluntarily agree to provide one good or service in return for another.

68.

Focusing in on one or a few aspects of production

a)

Production Possibilities Curve

b)

Opportunity Cost

c)

Specialization

d)

Barter

69.

Exchanging chips for hats is an economic example of

a)

Specialization

b)

Barter

c)

Scarcity

d)

Absolute Advantage

70.

What is a problem with the barter system?

a)

It allows for the production possibilities curve to shift

b)

It can be difficult to figure out what is scarce

c)

It utilizes varying currencies

d)

Consumers do not know the real value of a good

71.

—Measure of value that allows producers and consumers to determine worth.

a)

Money

b)

Barter

c)

Trade

d)

Utility

72.

Price in economics refers to

a)

direct exchange of goods not using money

b)

satisfaction from consuming a product

c)

the amount of money consumers pay for a product

d)

the resources it takes to produce a product

73.

What does utility in economics refer to

a)

giving up one product for another without sacrificing resources

b)

the study of making choices to satisfy their unlimited wants and needs

c)

trading one set of goods for another not using money

d)

advantage of fulfillment a person receives from consuming a good or service

74.

Little Jon makes it a priority to attend every school day his senior year in order to pass his classes. In economics, he is responding to...

a)

mixed economies

b)

Traditional Costs

c)

Incentives

d)

Barter system

75.

According to Adam Smith, everyone makes decisions that are best for themselves

a)

MACRO Economics

b)

Opportunity Costs

c)

Invisible Tradeoff Theory

d)

Invisible Hand Theory

76.

This economic system is resistant to change and technology

a)

command economies

b)

traditional economies

c)

mixed economies

d)

market economies

77.

▫Economic activities are usually centered toward the family, tribe, or ethnic group

a)

Traditional Economies

b)

Command Economies

c)

Market Economies

d)

Mixed Economies

78.

Government or other central authority makes all economic decisions

a)

Mixed Economies

b)

Traditional Economies

c)

Market Economies

d)

Command Economies

79.

A local yard sale would be considered which economic system?

a)

Mixed Economies

b)

Market Economies

c)

traditional Economies

d)

command Economies

80.

▪Government serves to protect both producers and consumers from unfair policies and practices

a)

Mixed Economies

b)

market Economies

c)

traditional Economies

d)

command Economies

81.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market 
b)
Tradeoff
c)
Scarcity 
d)
Equity 
82.
The highest-valued alternative that must be given up to engage in an activity.
a)
Scarcity 
b)
Factors of Production 
c)
Innovation
d)
Opportunity Cost 
83.

The study of the economy as a whole...

a)

Macroeconomics

b)

Microeconomics

c)

Economics

d)

Supply and Demand

84.

The study of behavior of individual households, firms, and governments...

a)

Microeconomics

b)

Macroeconomics

c)

Economics

d)

Personal Finance

85.

Which type of economic system has the highest level of government control?

a)

traditional economy

b)

market economy

c)

command economy

d)

mixed economy

86.

Economy in which people make economic decisions based on their group's customs and values. Not common today.

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

87.

Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

88.

TINSTAFL

a)

There is no such thing as free lunch

b)

There is no such thing as foreign loans

c)

There is no such thing as freedom liabilities

d)

There is no such thing as fiat legislation

89.

Economics is the study of:

a)

How people make money through business

b)

How people start businesses

c)

How people use scarce resources to satisfy their wants

d)

How people divide objects into land, labor or capital

90.

How do economic systems differ?

a)

By the types of goods and services produced

b)

By the level of government control

c)

By the amount of money people make

d)

By the number of consumers in the market

91.

What is profit?

a)

The money a company has left after subtracting its costs from its sales

b)

The money earned by selling goods and services

c)

The cost of making one more unit of a product

d)

The price paid for using someone else's money

92.

What is competition?

a)

The desire to earn money

b)

The struggle among producers for consumers' money

c)

The act of concentrating on a limited number of goods and activities

d)

The struggle among consumers for limited resources

93.
 The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not 
b)
Goods are tangible and services are not 
c)
Services are available in unlimited quantaties and goods are not 
d)
goods help satisfy unlimited wants and services do not
94.
What is the major difference between scarcity and a shortage? 
a)
They are really the same
b)
Shortages always exist and scarcity is temporary 
c)
Shortages are temporary and scarcity always exist. 
d)
Scarcity is limited and shortages are unlimited 
95.
What does Specialization mean?
a)
Something oe person does for someone else.
b)
Not being able to have everything that you want because of limited resources.
c)
Having more than you want, or need.
d)
When people work in jobs where they produce a few special goods, or services.
96.

________ exists when there are no resources to meet human needs.

a)

Scarcity

b)

Surplus

c)

Excess

d)

Influx

97.

This image is a Productions Possibility Curve. What does a(n) PPC graph illustrate?

a)

Supply

b)

Surplus

c)

Scarcity

d)

Demand

98.

By making the decision to go to sleep instead of going to work you are giving up money. What you give up by choosing one alternative over another represents your?

a)

Demand

b)

Supply

c)

Economy

d)

Opportunity Cost

99.

T/F: Shortage is a situation in which demand is greater than supply, usually the result of prices being set too low

a)

True

b)

False

100.

A tool used by a society to allocate (designate) its scarce resources?

a)

Resources

b)

Free Enterprise System

c)

Production Possibility Curve

d)

Economic System

101.

In this economic system consumers and producers drive this economy?

a)

Traditional

b)

Command

c)

Market

d)

Free Enterprise

102.

In this economic system, the government decides what goods and services are produced, how they will be produced, and how they will be distributed.

a)

Traditional

b)

Command

c)

Market

d)

Free Enterprise

103.

An economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have down from generation to generation?

a)

Traditional

b)

Command

c)

Market

d)

Free Enterprise

104.

Another name for capitalism, an economic system based on private ownership of production resources?

a)

Traditional

b)

Command

c)

Market

d)

Free Enterprise

105.

The most common economic system?

a)

Traditional

b)

Command

c)

Mixed

d)

Free Enterprise

106.

A stock or supply of assets (Land, labor, Capital, Entrepreneurship)?

a)

Wants

b)

Resources

c)

Needs

107.

T/F: Efficiency is the condition in which economic resources are being used to produce the least amount of goods and services?

a)

True

b)

False

108.

A combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run a business?

a)

Entrepreneur

b)

Laborer

c)

Economist

d)

Environmentalist

109.

Are desires that can be satisfied by consuming a good or service that is not necessary for survival?

a)

Want

b)

Need

110.

Items that are necessary for survival?

a)

Want

b)

Need

111.

T/F: Underutilization is to use a resource to full potential?

a)

True

b)

False

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