WorksheetsUnit 1 Day 2
Total questions: 15
Worksheet time: 8mins
If supply is low and demand is high, what usually happens to prices?
Prices drop
Prices rise
Prices stay the same
Prices are discounted
Which term describes how much of something is available?
Demand
Price
Supply
Value
If supply increases but demand stays the same, what is the most likely effect on prices?
Prices rise
Prices drop
Prices stay the same
Prices become unpredictable
Why do prices usually rise when concert tickets are limited and many people want them?
Because supply is high and demand is low
Because supply is low and demand is high
Because supply and demand are equal
Because tickets are free
Which situation would most likely cause prices to drop?
High supply and high demand
Low supply and high demand
High supply and low demand
Low supply and low demand
Which of the following best explains the concept of supply and demand?
The amount of money people have
The relationship between how much is available and how much people want
The number of stores selling a product
The quality of a product
Which of the following is a drawback of market economies?
Large gaps between the wealthy and the poor
Equal distribution of wealth
Guaranteed job security for all
Strict government control over resources
Market economies may lead to which environmental issue?
Overuse of natural resources
Complete conservation of resources
Ban on resource extraction
Unlimited government funding for the environment
How do market economies sometimes affect the environment?
They may focus on profit over environmental protection.
They always prioritize environmental health.
They ban industrial production.
They require companies to plant trees.
Which of the following best summarizes the drawbacks of market economies?
Social and environmental problems can occur.
All citizens are wealthy.
The government provides everything.
There are no disadvantages.
Why might market economies be harmful to the environment?
They may encourage overuse of natural resources.
They always protect endangered species.
They ban pollution.
They require recycling by law.
Which of the following is NOT one of the three things needed to produce goods in a capitalist system?
Technology
Capital
Labor
Resources
If a business in a capitalist system wants to increase its profits, which of the following should it focus on?
Reducing expenses
Increasing government control
Decreasing wages
Ignoring resources
Why are tools and equipment important in a capitalist system?
They are needed to produce goods.
They are used to pay wages.
They are sources of profit.
They are natural materials.
How does labor contribute to the production of goods in capitalism?
By providing human work and skills
By supplying natural materials
By earning profits
By owning businesses
