WorksheetsEconomic Choice
Total questions: 37
Worksheet time: 25mins
Name
Class
Date
1.
Which word means an actual item that can be touched or you can take home?
a)
good
b)
service
c)
account
2.
Which word means a business doing something for another such as cleaning?
a)
Good
b)
Service
c)
enterprise
3.
What word means that there's not much of something; more people want it, but there is not enough for everyone?
a)
availability
b)
scarcity
c)
low demand
4.
What word means that this is how much money you make after all expenses are paid; your benefit?
a)
saving
b)
donations
c)
profit
5.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
6.
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
7.
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
8.
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
9.
All of the following are service producing industries EXCEPT:
a)
Insurance Company
b)
Finance Company
c)
Real Estate Company
d)
Farmer
10.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
11.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
12.
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.
13.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
14.
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
15.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
16.
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
17.
Is this shelter a want or a need?
a)
Want
b)
Need
18.
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
19.
For an economist, the real cost of something is:
a)
The quantity of resources used to produce it
b)
Always equal to the market value
c)
The amount of money you paid for it
d)
What you sacrifice in order to get it
20.
Rent is a
a)
variable expense
b)
fixed expense
21.
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
a)
muffins
b)
cookies
22.
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
a)
vacation
b)
swimming pool
23.
Emelia has been invited to a sleep over at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?
a)
seeing her favorite band
b)
spending time at a friends house
24.
Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision?
a)
studying for a test
b)
watching TV
25.
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?
a)
new skate park
b)
more computers
26.
Term for costs that change with production
a)
Fixed Cost
b)
Average Cost
c)
Variable Cost
d)
Marginal Cost
27.
Sum of the fixed cost and variable costs
a)
Average Cost
b)
Total Cost
c)
Marginal Cost
d)
Variable Cost
28.
Extra cost of producing one more unit
a)
Marginal cost
b)
Variable Cost
c)
Fixed Cost
d)
Average Cost
29.
Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?
a)
Natural Resources
b)
Capital Resources
c)
Entrepreneurship
d)
Labor Resources
30.
Your friend and you decide to open a snow cone stand. The people you hire to run the stand are examples of which factor of production?
a)
Capital Resources/Goods
b)
Entrepreneurship
c)
Labor
d)
Natural Resources
31.
Which of the following is an investment in capital resources/goods?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
32.
Which of the following is an investment in human capital?
a)
Buying new computers
b)
Paving roads
c)
Purchasing new textbooks
d)
Education and healthcare
33.
A product of the earth that people use to meet their needs is a
a)
capital good
b)
natural resource
c)
human capital
d)
entrepreneur
34.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
35.
Each worker learns one task very well
a)
division of labor
b)
human capital
c)
labor cost
d)
specialization
36.
Becky, Betty and Bob run a cupcake shop. Becky makes the cupcakes, Betty decorates them and Bob sells them. The different jobs they have is an example of:
a)
advertising
b)
specialization
c)
capital resources
d)
economic exchange
37.
The mixer, oven and decorating machine they use are examples of:
a)
dividends
b)
training
c)
specialization
d)
capital resources
100 %
