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WorksheetsAMS Gr 7 Economics Vocabulary Practice
Total questions: 58
Worksheet time: 30mins
Which term means the amount of a good or service available from sellers?
Supply provided by producers
Scarcity limiting all resources
Demand from eager consumers
Equilibrium where lines meet
Which term describes how much people want or need a good or service?
Supply available to markets
Demand from consumers
Tariff added to imports
Incentive motivating action
What is the equilibrium point in a market?
Where tariffs are removed
Where supply equals demand
Where imports exceed exports
Where producers outnumber consumers
Opportunity cost refers to which idea?
The total price paid with tax
The advantages of all trade-offs
The goods produced domestically
The next best alternative given up
Free trade is best defined as which policy?
Government limits on exports
No tariffs or quotas
Only domestic sales allowed
Invisible Hand in action
Which statement about trade-offs is accurate?
They are goods sold abroad
They are the choices given up
They are taxes on imports
They are services people perform
Which phrase summarizes cost/benefit analysis?
Measuring only production
Comparing costs and benefits
Tracking consumer feelings
Setting nationwide tariffs
Adam Smith is known for which contributions?
Inventing modern tariffs
Authoring The Wealth of Nations
Developing the Invisible Hand
Creating the idea of free trade
The Invisible Hand metaphor suggests what outcome in markets?
Scarcity disappears entirely
Tariffs protect all workers
Self‑interest guides cooperation
Government plans set prices
Which is the best example of a good?
A haircut service
A downloadable song
A tax on imports
A tutoring session
Which option is a service rather than a good?
A music streaming subscription
A chocolate bar
A video game disc
A bicycle helmet
What does scarcity mean in economics?
Prices always stay equal
Unlimited resources available
Limited resources, unlimited wants
Imports always exceed exports
Who is a producer in an economy?
The shopper comparing prices
The company that makes goods
The country that taxes imports
The person who buys items
Which choice best defines a consumer?
One who uses or buys things
One who exports to others
One who produces services
One who writes price laws
Import means what for a country?
Taxing goods at the border
Producing goods domestically
Bringing goods in to sell
Sending goods out for sale
Export means what for a country?
Selling goods to another
Buying goods at home
Removing all market prices
Bringing goods in to sell
Which option shows an incentive?
A bonus for high grades
A tariff on foreign shoes
An import from a neighbor
A service by a barber
Domestic trade refers to activities that occur where?
Only in international waters
Between producers and buyers
Within a single country
Across multiple continents
What is a tariff designed to do?
Protect domestic jobs
Add a tax to imported goods
Generate local government revenue
Eliminate scarcity entirely
Which term means a government sets a limit on how much of a product can be imported or exported?
Embargo on all trade
Sanction against a nation
Quota on trade amounts
Tariff on foreign goods
A tariff is best described as which policy tool?
A penalty to change behavior
A tax on imported goods
A total trade ban
A limit on export quantity
Which action is a government punishment designed to pressure another country to change behavior and can be partial?
Sanction restricting trade
Quota on shipments
Embargo with full ban
Tariff raising prices
What is an embargo?
A tax added at borders
A total or near-total ban
A limit per company
A rule about labeling
Protectionism most likely includes which combination of policies?
Open borders for goods
Quotas limiting amounts
Tariffs on imports
Sanctions without limits
Embargoes blocking trade
Gross Domestic Product (GDP) measures which idea?
Total population size
Total value of yearly production
Number of employed adults
Average household income
GDP per capita helps compare wealth by doing what?
Subtracting taxes from GDP
Adding exports to GDP
Dividing GDP by population
Dividing GDP by households
Which indicator best reflects the degree of wealth and material comforts available to people in a community?
Infant Mortality
Life Expectancy
Literacy Rate
Standard of Living
Literacy rate is defined as which measurement?
Percent who finished college
Percent over 15 who read and write
Share of teachers per student
Number of schools per city
Infant mortality rate reports which statistic?
Doctors per 10,000 people
Babies born each year
Deaths per 1,000 births
Hospitals built annually
The poverty line is the minimum money needed to afford which level of needs?
All services for free
Luxury goods only
Some wants and extras
Only the basic needs
Life expectancy shows which aspect of a nation?
Average age at first job
Average age people live to
Average family size reported
Average years of schooling
A country with high infant mortality and low life expectancy most likely faces which challenge?
Limited healthcare and sanitation
High literacy and schooling
Strong medical care access
Advanced infrastructure coverage
If most jobs are in agriculture, what is a likely characteristic of those jobs?
Office-based professional work
Hard physical labor outdoors
Technology design in labs
Legal services in cities
Jobs in the service sector typically involve which feature?
Mining underground resources
Supporting other careers and services
Farming on large plots
Manufacturing with machines
Infrastructure includes which items necessary for society to operate?
Police and fire departments
Hospitals and schools
Private savings accounts
Movie theaters and malls
Roads and bridges
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
How does an increase in consumer population affect the demand for most products?
demand decreases
prices go down
demand increases
prices go up
If the Price of a # 1 at Whataburger cost $17.10 and the Quantity Demanded is LOW what will happen to the Quantity Demanded at the price $12.54?
It will not change
It will decrease
It will increase
It will stay the same
The demand schedule for sodas shows that -
as price increases the demand decreases
as price increases the demand increases
as price increase the supply decreases
sodas are good
If the Price for movie tickets are $20.76 the Quantity Demanded is LOW if the price decreases to $12.43 what will happen to the Quantity Demanded?
It will decrease
It will increase
Stay the same
No change at all
If the Price of a Panthère de Cartier purse is at $100 and the Quantity Demanded is HIGH (cause steal) but then changes to $3,000 what happens to the Quantity Demanded?
It will not change
It will increase
It will decrease
It will stay the same
Which of these is an example of a shortage?
Farmers produce more corn that consumers want or need.
Grocery stores have enough bottled water to meet demand.
Overfishing makes it difficult to catch a popular type of fish.
A builder has the right amount of lumber to construct a house.
amount of product available for sale?
Supply
Demand
Surplus
Deficit
If the class lowers the supply of doughnuts to 10 doughnuts a day, what do you think they could do with the price?
Raise it
Leave it the same
Lower it
What can cause a change in demand?
changes in consumer tastes
Changes in income
changes in the price of substitute goods
All answers are correct
Economics can be described as the study of
Only Food and Money
The Choices We Make
Graphing
Price ceilings and Price floors
I had to choose between ordering pizza or Chinese, since I didn't have enough money for both. I chose pizza. What was the opportunity cost of my decision?
The pizza I ordered
The Chinese food I didn't order
Both the pizza and Chinese food
None of the above
Limited Resources + Unlimited Wants =
Scarcity
Productivity
Opportunity Cost
Efficiency
Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?
money
job
time
college
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Needs
Opportunity Cost
None of these answers
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
In March 2020, due to Covid, toilet paper, paper towels, and Lysol wipes were extremely difficult to find in stores. This is an example of:
Unfortunate situation...
Shortage
A large influx of people moving to our area has caused increased traffic and congestion on our roads. There is a _______ of available land to build new roads or railways.
Scarcity
Shortage
In 2018, the most popular Christmas present was the PS4. Parents discovered that they could not find a PS4 for sale anywhere in their area. In this example, there was a _________ of the PS4.
Scarcity
Shortage
The word economists use to describe the problem of limited resources and people's unlimited wants and needs is...
trade-off
opportunity cost
scarcity
values
Economics is defined as...
The study of money and finance
The study of how society uses its limited resources
The study of the Wu-Tang song "Cash Rules Everything Around Me"
The study of how financial institutions lend and borrow money
