NEW
Font size
S
M
L
XL
WorksheetsQuiz #1 review
Total questions: 25
Worksheet time: 25mins
Name
Class
Date
1.
Most millionaires are college graduates
a)
True
b)
False
2.
Most millionaires drive expensive new cars.
a)
True
b)
False
3.
Millionaires tend to be single rather than married.
a)
True
b)
False
4.
Which of the following IS a reason for dropping out of school?
a)
Inability to attend college
b)
Loss of future opportunities
c)
Desire for immediate income
d)
Limited social contacts
5.
People can lose when they trade voluntarily.
a)
True
b)
False
6.
People who stay in school believe...
a)
The benefits of staying are greater than the costs of dropping out
b)
The costs of staying are greater than the benefits of dropping out
c)
The benefits of staying are worse than the costs of dropping out
d)
The costs of staying are the same as the benefits of dropping out
7.
Which is NOT a step in the handy dandy guide?
a)
People choose
b)
All choices involve cost
c)
People respond to incentives in predictable ways
d)
Choices have no consequences for the future
8.
Jaime wants a (1) phone, (2) computer, and a (3) bike, in that order. Jaime choose to get a phone. What is Jaime's opportunity cost?
a)
Phone
b)
Computer
c)
Bike
d)
Computer and Bike
9.
Opportunity cost is...
a)
The last option
b)
The next best option
c)
All the options you gave up
d)
The first option
10.
Anna gets a car ride to the movies and has her ticket paid for along with her snacks. What is the cost to Anna for going?
a)
The car ride
b)
The snacks
c)
Her time
d)
The movie ticket
11.
Money is important because of the goods and services we can buy with it. It is also important because having money opens up the range of choices and opportunities people face. Money is a powerful incentive.
a)
True
b)
False
12.
Scarcity means that people have _____ wants and _____ resources.
a)
limited; unlimited
b)
unlimited limited
c)
limited, limited
d)
unlimited, unlimited
13.
_______ is a resource used to produce other resources. (e.g. factories, tools)
a)
Capital resources (goods)
b)
Natural resources
c)
Human resources
d)
Money
14.
_______ are gifts of nature. This includes water, sun, oil, trees, and climate.
a)
Capital resources
b)
Natural resources
c)
Human resources
d)
Money
15.
The value of money comes from...
a)
The paper it is printed on
b)
The amount you have
c)
The amount of gold a country has
d)
The belief in a government or economy
16.
Which part of the PACED model asks "what is the issue at hand?"
a)
Problem
b)
Alternative
c)
Evaluate
d)
Decision
17.
Which part of the PACED model asks "what actions are you considering?"
a)
Problem
b)
Alternative
c)
Evaluate
d)
Decision
18.
Which part of the PACED model asks "what characteristic are you looking for in your result?"
a)
Problem
b)
Alternative
c)
Criteria
d)
Evaluate
19.
If prices are ABOVE the equilibrium price for a good, this will result in a _______
a)
Shortage
b)
Surplus
c)
Surminus
d)
No change
20.
If prices are BELOW the equilibrium price for a good, this will result in a _______
a)
Shortage
b)
Surplus
c)
Surminus
d)
No change
21.
The Law of Demand states that people buy _____ at higher prices and buy ______ at lower prices
a)
less; more
b)
more; less
c)
more; more
d)
less; less
22.
The Law of Supply states that people produce _____ at higher prices and produce ______ at lower prices
a)
less; more
b)
more; less
c)
more; more
d)
less; less
23.
During the marshmallow test, the opportunity cost of waiting was...
a)
Not eating the marshmallow they already had
b)
Giving up the 2nd marshmallow
c)
Their time
d)
Not getting any marshmallows
24.
In the "Hudsucker Proxy" video clip, the fluctuation in hula hoop sales was an example of...
a)
The Handy Dandy Guide
b)
The PACED decision making model
c)
Supply and Demand
d)
Opportunity cost
25.
The "Survivor Reward Challenge" video clip was an example of which topic discussed in class?
a)
The Handy Dandy Guide
b)
The PACED decision making model
c)
Supply and Demand
Reset
