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1) Which is not a need for Jon. Jon lives 1 hour by car from his work and he works in the hot sun. a) Sunscreen b) Car c) Shelter d) Camera 2) Which is not a want for Jack? Jack lives 30 minutes by bike from school and plays soccer every day. a) pokemon cards b) bike tires c) soda d) gloves 3) Which sentence is correct? a) A producer sells goods to a consumer. b) A consumer sells goods to a producer. c) A consumer makes goods for a producer. d) A producer makes services that consumers use to make goods. 4) What are goods? a) Things producers make to sell b) things consumers make to sell c) things you pay people to do for you d) Things that are happy 5) What are services? a) Things that you buy b) Things others are paid to do for you. c) Things that make you mad. d) Materials producers need to make things. 6) I'm an English teacher and my friend is a cook. I give my friend an English lesson and he makes food for me. What's this called? a) Market Economy b) Barter c) Currency d) Income 7) What is an example of inflation? a) A cookie costs NT21 but drops to NT18 after a while. b) A sale is happening in a store. c) A bag of chips was NT20 now it is NT25 d) Trading 2 chickens for 2 loaves of bread. 8) I buy goods for NT300 I make 20 cookies. The cookies are sold at NT50 per cookie. What is my income? What is my profit? a) 300, 500 b) 1000, 700 c) 700, 900 d) 700, 1000 9) If i need money to buy goods for my business and i go to the bank what will they do for me? a) let me borrow it. b) give me interest c) take a loan from me d) close my business 10) If I have more supply of a good than demand for the good what will happen to the price? a) The price will rise b) The price will stay the same c) The price will reduce d) The price doesn't exist. 11) I want to get the new ROG Ally gaming device but they are sold out everywhere, now I have to wait 3 weeks to get it and there won't be any discounts. What is this an example of? a) Inflation b) Supply c) Scarcity d) Incentives 12) I buy made a choice to buy a new phone before the newer model came out now I won't have the new super camera to use. a) advertising b) incentives c) opportunity cost d) supply 13) Which one is not a positive incentive? a) discounts b) coupons c) eyecatching packaging d) inflation 14) Which one is an example of interest? a) Put money in a bank and they keep it safe for you. b) Let the bank use your money to lend it out for fun c) When the bank fives you money after leaving your money with them for a long time and letting them lend it out. d) The bank pays you for being a good customer they don't do anything with your money and are happy to help you. 15) Why do banks need money from savers? a) To lend out. b) To make interest. c) To pay their employees. d) To give them interest. 16) I make a product that I send to America for people to buy, what am I doing? a) Importing b) Supplying c) Demanding d) Exporting 17) There are many jobs in the world choosing just one to do well is an example of? a) Productivity b) Specialization c) Benefits d) Division of labor 18) Innovation? a) Is the process of creating new technologies to help a business. b) Is the process of sending good you make to other countries around the world to be sold. c) The process of making things run better in a factory to increase efficiency and output.  19) What is globalization? a) The economy of exports that we send to the world. b) Productivity in the global markets that we import for. c) Economies around the world competing and trading with each other 20) When I hire a company in India to make my wheelchairs for me, what is this called? a) Globalization b) Trade c) Outsourcing d) Benefits e) Productivity f) Exports

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