Download Economics FMA 3_2

FORMATIVE MINI ASSESSMENT
Third Grading Period 2009-10
March 1-10
STUDENT NAME ______________________________
DATE _____________ PERIOD______
Social Studies – Economics
Read each question and choose the best answer. Be sure to mark all of your answers.
1
A graphical representation
showing various maximum
combinations of output a
nation can produce with limited
economic resources in a fixed
time period.
Why are all goods and services scarce?
A Some goods cost more than others.
B All resources are scarce.
C Some things are needs and others are wants.
D Some people want to have more goods than
others.
4
The above definition describes —
F GDP Graph
G Production Possibilities Curve
J
2
Which of the following was a free market
philosopher?
Economic Prediction Chart
H Production Declining Table
F Adam Smith
G Karl Marx
5
H Vladimir Lenin
J
Which of the following is the best example of
weighing costs and benefits?
A Looking at the price and brand name while
shopping
Friedrich Engles
B Creating a commercial for a car corporation
C Writing a product review for a magazine
D Getting a job at a local electronic goods
distributor
• Capital Resources
• Labor Resources
• Enterprise Resources
• Natural Resources
3
The resources listed above are considered to be
the four factors of —
A industry
B entertainment
C government
D production
Questions adapted from Teacher's Curriculum Institute
Economics Alive! Power, Politics and You
6
The law of demand states that as quantity
demanded decreases —
F wages decrease
G production increases
H price increases
J
Economics FMA March 10
quality decreases
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7 In the summer picnic season, a sharp rise in the
price of burgers may lead to an increase in
demand for —
10 Supply depends on the willingness and ability
of —
F donors to contribute
A automobiles
G producers to produce
B cookbooks
H advertisers to promote
C chicken
J
consumers to purchase
D grills
8
9
Quantity demanded moves along the demand
curve in response to changes in —
11 According to the law of supply, what happens as
price increases?
F price
A The quantity supplied increases.
G income
B The quantity supplied decreases.
H preferences
C The supply curve shifts to the left.
J
D The supply curve shifts to the right.
expectations
Which of these is most likely to happen to
demand for clothes in a clothing store when
blizzards keep customers at home?
A The demand curve shifts to the left.
B The demand curve becomes flatter.
C The demand curve shifts to the right.
12 Which of these would most likely increase the
supply of soccer balls?
F A transportation strike
G A government excise tax
H A decrease in the price of raw materials
J
An increase in the supply of tennis balls
D The demand curve becomes steeper.
Questions adapted from Teacher's Curriculum Institute
Economics Alive! Power, Politics and You
Economics FMA March 10
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