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WorksheetsEconomic Decisions
Total questions: 20
Worksheet time: 26mins
Name
Class
Date
1.
a)
need
b)
want
2.
a)
need
b)
want
3.
Does this person provide a good or a service?
a)
good
b)
service
4.
Does this person provide a good or a service?
a)
good
b)
service
5.
Does this person provide a good or a service?
a)
good
b)
service
6.
Does this person provide a good or a service?
a)
goods
b)
service
7.
Does this person provide a good or a service?
a)
good
b)
service
8.
whats the four factors of production?
a)
land, labor, capital, & entreprenurs
b)
water, shoes, food, & toys
c)
pizza, burgers, fires, & milk shake
d)
earth, sun, moon, & light
9.
Which of the following is an investment in capital resources/goods?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
10.
What is an example of human capital?
a)
a country's standard of living
b)
the cash a business has to spend
c)
the workers of a business or country
d)
the buildings, equipment, and property of a business
11.
Which is an example of human capital?
a)
Education
b)
Roads
c)
Factories
d)
Machinery
12.
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.
13.
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
14.
Waiters, police, nurses, office workers, and truck drivers are all examples of what type of industry?
a)
Manufacturing
b)
Service
c)
Agriculture
d)
Mining
15.
What is an example of a Natural Resource?
a)
Paper
b)
GMO Food
c)
Vegetation
16.
What are the three Basic Economic Questions?
a)
What service will be produced?
When it will be produced?
How will they be used?
When it will be produced?
How will they be used?
b)
What goods or services will be produced?
Why it will be produced?
Who will consume, or use, them?
Why it will be produced?
Who will consume, or use, them?
c)
What goods or services will be produced?
How will they be produced?
Who will consume, or use, them?
How will they be produced?
Who will consume, or use, them?
17.
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
18.
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?
19.
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
20.
Waiters, police, nurses, office workers, and truck drivers are all examples of what type of industry?
a)
Manufacturing
b)
Service
c)
Agriculture
d)
Mining
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