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Social Studies Review Help
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1. How does scarcity affect producers?
A. Limited costs prevent producers from hiking prices
B. Limited demand prevents producers from offering low prices
C. Limited time prevents producers from finding the best employees
D. Limited resources prevent producers from making unlimited products
2. Which statement best explains the relationship from economic wants and economic needs?
A. People do not need to fulfill either their needs or wants to survive
B. People must fulfill their wants to survive, but they do not need to fulfill their needs to survive.
C. People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
D. People must fulfill both their needs and wants to survive.
3. Which statement best describes how governments deal with scarcity?
A. Choosing to fill needs rather than wants
B. Choosing options that best match supply with demand
C. Choosing options that employ the largest amount of people
D. Choosing options with the greatest benefits to the people
4. Which situation is more likely to occur in a command economy than a market economy?
A. A factory lays off unneeded workers
B. A farm sells fruit by the side of the road
C. A union negotiates a better pay rate with employers
D. A failing railroad receives assistance from another country
5. Which of these states a basic economic question?
A. What job is the best?
B. How much should the good cost?
C. What goods should be produced?
D. Why should people learn about economics?
6. Which of these is an example of a non monetary incentive?
A. Earning payment from walking a neighbor's dog
B. Being named on the school honor roll
C. Getting $10.00 as a prize for finishing first
D. Winning a scholarship to attend a summer camp
7.What is a tariff?
A. A tax on exports
B. A tax on imports
C. A bonus to producers
D. A rebate for consumers
8. How are producers different from consumers?
A. Producers want to buy products from consumers
B. Producers want low demand for goods
C. Producers want high costs of resources
D. Producers want a high quantity of sales
9. Which is true of relative prices?
A. They are prices set by buyers and sellers
B. They describe prices in relation to each other
C. They tell where the supply of a good meets its demand
D. They help avoid shortages and surpluses
10. When do the laws on supply and demand have less effects on prices?
A.When a good or service is new
B. When outside factors cause changes
C. When buyers dislike the prices that sellers change
D. When sellers want to make more money
11. Which factor of a market economy helps people feel safe when making business investments?
A. Strong property rights
B. Freedom of enterprise
C. Consumer choice
D. Limited role of government
12. Which problem would most likely result if banks didn't exist?
A. People would no longer be able to save money
B. Money would not move through the economy very well
C. Spending money would become much more difficult
D. Buyers and sellers would no longer use money in markets
A. Limited costs prevent producers from hiking prices
B. Limited demand prevents producers from offering low prices
C. Limited time prevents producers from finding the best employees
D. Limited resources prevent producers from making unlimited products
2. Which statement best explains the relationship from economic wants and economic needs?
A. People do not need to fulfill either their needs or wants to survive
B. People must fulfill their wants to survive, but they do not need to fulfill their needs to survive.
C. People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
D. People must fulfill both their needs and wants to survive.
3. Which statement best describes how governments deal with scarcity?
A. Choosing to fill needs rather than wants
B. Choosing options that best match supply with demand
C. Choosing options that employ the largest amount of people
D. Choosing options with the greatest benefits to the people
4. Which situation is more likely to occur in a command economy than a market economy?
A. A factory lays off unneeded workers
B. A farm sells fruit by the side of the road
C. A union negotiates a better pay rate with employers
D. A failing railroad receives assistance from another country
5. Which of these states a basic economic question?
A. What job is the best?
B. How much should the good cost?
C. What goods should be produced?
D. Why should people learn about economics?
6. Which of these is an example of a non monetary incentive?
A. Earning payment from walking a neighbor's dog
B. Being named on the school honor roll
C. Getting $10.00 as a prize for finishing first
D. Winning a scholarship to attend a summer camp
7.What is a tariff?
A. A tax on exports
B. A tax on imports
C. A bonus to producers
D. A rebate for consumers
8. How are producers different from consumers?
A. Producers want to buy products from consumers
B. Producers want low demand for goods
C. Producers want high costs of resources
D. Producers want a high quantity of sales
9. Which is true of relative prices?
A. They are prices set by buyers and sellers
B. They describe prices in relation to each other
C. They tell where the supply of a good meets its demand
D. They help avoid shortages and surpluses
10. When do the laws on supply and demand have less effects on prices?
A.When a good or service is new
B. When outside factors cause changes
C. When buyers dislike the prices that sellers change
D. When sellers want to make more money
11. Which factor of a market economy helps people feel safe when making business investments?
A. Strong property rights
B. Freedom of enterprise
C. Consumer choice
D. Limited role of government
12. Which problem would most likely result if banks didn't exist?
A. People would no longer be able to save money
B. Money would not move through the economy very well
C. Spending money would become much more difficult
D. Buyers and sellers would no longer use money in markets
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