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WorksheetsEconomic Decisions
Total questions: 28
Worksheet time: 11mins
Name
Class
Date
1.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
2.
Oil, natural gas, and coal are called ________resources because they are not easy to replace.
a)
fossil fuels
b)
conservation
c)
natural resources
d)
nonrenewable
3.
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms Johnny is facing the problem of:
a)
Shortage
b)
Scarcity
c)
Unemployment
d)
Marginal costs
4.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam
b)
making a B on the exam
c)
Losing one hour of sleep
d)
gaining one hour of sleep
5.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods are tangible and services are not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
6.
Bowdon Clothing Manufacturing decided several years ago to give up making suits for the public to take a contract with the Federal Government to produce Military Uniforms. Which eceonomic question did they answer.
a)
What to produce?
b)
How to Produce
c)
For whom to produce
d)
All of the above
7.
What is the major difference between scarcity and a shortage?
a)
They are really the same
b)
Shortages always exist and scarcity is temporary
c)
Shortages are temporary and scarcity always exist.
d)
Scarcity is limited and shortages are unlimited
8.
All of the following are Goods-producing industries EXCEPT:
a)
Construction
b)
Telecommunications
c)
Mining
d)
Agriculture
9.
All of the following are service producing industries EXCEPT:
a)
Insurance Company
b)
Finance Company
c)
Real Estate Company
d)
Farmer
10.
Tangible and intangible items people produce to sell
a)
consumers
b)
producers
c)
goods and services
d)
opportunity costs
11.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
12.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
13.
A good is something you buy and consume. Tell which one is a good.
a)
You get your hair cut.
b)
You hire someone to cut your grass.
c)
You take a trip on the Grey Hound Bus to New York.
d)
You buy a donut at Krispy Kreme.
14.
A service is something that something that someone does for you. Tell which one is a service.
a)
You get a hair cut.
b)
Your mother sells cookies at the church bake sale.
c)
You visit your doctor and buy a set of false teeth.
d)
You go shopping at Walmart and purchase a new game system.
15.
A good is something you buy and consume.
a)
Sara visited the dentist for a checkup and it cost $25.
b)
You take cruise to the Bahamas.
c)
Your Mom takes to Chuckie Cheese and you buy pizza to eat.
d)
Your pay a visit to the SC State Museum and see the Dinosaur Exhibit.
16.
A service is something that someone does for you. A good is a something you buy and consume. Tell which is a good and a service.
a)
You buy a book and the author signs it.
b)
You get a hair cut.
c)
You won a book at the book fair.
d)
Your brother sells you his old bike.
17.
A good is something you buy and consume. Tell which is a good.
a)
You buy cookies from Mrs. Jenny in the caferteria.
b)
Mrs. Priester ask you to wash the tables.
c)
You hire someone to braid your hair
d)
You ask a friend to shampoo your living carpet.
18.
When people wait in line on Black Friday to get a 70" TV, this is an example of
a)
scarcity
b)
consumerism
c)
product marketing
d)
consumer responsibility
19.
Choosing to make cars instead of trucks results in
a)
opportunity cost
b)
increased wealth
c)
expanding the production possibilities curve
d)
TINSTAAFL rating upgrade
20.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
21.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
22.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision
b)
The price you pay to purchase something
c)
The benefit you gain by making a decision
d)
The amount of debt you take on by making a decision
23.
Which of the following statements is true:
a)
An economist would consider something scarce only if it is limited (not anything else)
b)
A trade off occurs when you give up something you want in order to get something else you want
c)
The economic social goal, economic equity, means everyone gets the same amount of money
d)
In a traditional economy, the government gets to decide the answers to the 3 basic economic questions
24.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
25.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
26.
Is this shelter a want or a need?
a)
Want
b)
Need
27.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
28.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
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