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WorksheetsEcon Unit 1
Total questions: 58
Worksheet time: 2hrs 34mins
Name
Class
Date
1.
_____ are complex tools used for making things.
a)
Specialization
b)
Capital Goods
c)
Resources
d)
Labor Resources
2.
Scarcity is defined when a product is HARD to get. What happens to the price of the product when the item is scarce?
a)
Price Increases
b)
Price Decreases
3.
When there are a surplus of items, the product is easy to get. What happens to the price of these products?
a)
Price Increases
b)
Price Decreases
4.
A(n) ______ is someone who takes a risk to start a business (usually small business).
Ex. Bill Gates who started Microsoft.
Ex. Bill Gates who started Microsoft.
a)
Loan Officer
b)
Investor
c)
Entrepreneur
d)
Laborer
5.
The money that remains after all the costs of production have been paid.
a)
Loss
b)
Supply
c)
Profit
d)
Tax
6.
Money that the government collects from individuals and businesses to pay for public goods and services
a)
Profit
b)
Tax
c)
Service
d)
Loss
7.
The people who do the labor. Anyone who works.
a)
Human Resource
b)
Renewable Resource
c)
Capital Resource
d)
Employees
8.
Work done for a fee.
a)
Goods
b)
Service
c)
Tax
d)
Profit
9.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
10.
Something that encourages a person to take a certain action.
a)
Tax
b)
Entrepreneur
c)
Incentive
d)
Specialization
11.
Resources found in nature like air, soil, sunshine, water, coal, plants, and animals.
a)
Human Resources
b)
Natural Resources
c)
Nonrenewable Resources
d)
Capital Resources
12.
The study of how people choose to use their resources
a)
Incentive
b)
Economics
c)
Entrepreneur
d)
Specialization
13.
Anyone who buys a good or service.
a)
Barter
b)
Loss
c)
Consumer
d)
Producer
14.
Resources that are made by people and then used to make other things.
a)
Renewable Resources
b)
Capital Resources
c)
Human Resources
d)
Natural Resources
15.
Anyone who makes or grows a good or performs a service.
a)
Barter
b)
Consumer
c)
Producer
d)
Profit
16.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
17.
What is opportunity cost?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
18.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
19.
On your graph paper, compare the following two goods: corn and cows. Mark the point 15 corn, 0 cows. Mark the point 0 corn and 5 cows. Draw a line between the two. Now plot the point 2 corn and 1 cow. Which statement is true?
a)
This point represents that maximum production and is using resources wisely.
b)
This point is inefficient and does not use resources wisely.
c)
This point is impossible, because there are not enough resources.
20.
On your graph paper, compare the following two goods: corn and cows. Mark the point 15 corn, 0 cows. Mark the point 0 corn and 5 cows. Draw a line between the two. Now plot the point 12 corn and 6 cows. Which statement is true?
a)
This point represents that maximum production and is using resources wisely.
b)
This point is inefficient and does not use resources wisely.
c)
This point is impossible, because there are not enough resources.
21.
On your graph paper, compare the following two goods: corn and cows. Mark the point 15 corn, 0 cows. Mark the point 0 corn and 5 cows. Draw a line between the two. What is the opportunity cost of producing 12 corn?
a)
0 cows
b)
1 cow
c)
5 cows
d)
12 cows
22.
On your graph paper, compare the following two goods: corn and cows. Mark the point 15 corn, 0 cows. Mark the point 0 corn and 5 cows. Draw a line between the two. What is the opportunity cost of producing 2 cows?
a)
2 corn
b)
3 corn
c)
6 corn
d)
9 corn
23.
On your graph paper, compare the following two goods: iPhones and iPods. Mark the point 20 iPods and 0 iPhones. Mark the point 0 iPods and 10 iPhones. Draw a line between the two. If you produce 18 iPods, how many iPhones can you produce?
a)
0
b)
1
c)
10
d)
20
24.
On your graph paper, compare the following two goods: iPhones and iPods. Mark the point 20 iPods and 0 iPhones. Mark the point 0 iPods and 10 iPhones. Draw a line between the two. What is the opportunity cost of producing 5 iPhones?
a)
0 iPods
b)
5 iPods
c)
10 iPods
d)
20 iPods
25.
On your graph paper, compare the following two goods: iPhones and iPods. Mark the point 20 iPods and 0 iPhones. Mark the point 0 iPods and 10 iPhones. Draw a line between the two. What is the opportunity cost of producing 4 iPods?
a)
0 iPhones
b)
2 iPhones
c)
10 iPhones
d)
16 iPhones
26.
On your graph paper, compare the following two goods: iPhones and iPods. Mark the point 20 iPods and 0 iPhones. Mark the point 0 iPods and 10 iPhones. Draw a line between the two. Which of the following points are impossible?
a)
10 iPhones, 0 iPads
b)
2 iPhones, 16 iPads
c)
5 iPhones, 5 iPads
d)
6 iPhones, 11 iPads
27.
By luck, by lottery, by drawing out of a hat, etc
a)
Random Draw
b)
Personal Characteristic
c)
Performance
d)
Fiat
28.
By age, by weight or height, by ancestry, alphabetically by name, by need, etc.
a)
Random Draw
b)
Fiat
c)
First Come, First Served
d)
Personal Characteristic
29.
By test score, by 10K race results, by quantity of sales, by number of push-ups, etc.
a)
Voting by Majority
b)
Performance
c)
Personal Characteristic
d)
Fiat
30.
By the amount of cash, goods, or services one is willing and able to sacrifice
a)
Personal Characteristic
b)
Performance
c)
First Come, First served
d)
Willingness and Ability to Pay
31.
By who is first in line, first on a list, first to a stop sign, etc.
a)
Personal Characteristic
b)
Performance
c)
First Come, First Served
d)
Willingness and Ability to Pay
32.
By authority/whim of the allocator (e.g., teacher’s pet, parent’s favorite, dictator’s choice)
a)
First Come, First Served
b)
Fiat
c)
Voting by majority rule
d)
Personal Characteristics
33.
Selection of congressmen, is what type of Allocation Method?
a)
Voting by Majority Rule
b)
Performance
c)
Fiat
d)
Ability and Willingness to pay
34.
An intersection with a four-way stop sign, is what kind of Allocation?
a)
Fiat
b)
First Come, First served
c)
Performance
d)
Personal Characteristic
35.
You received a promotion in your job, what kind of allocation method is present?
a)
Personal Characteristic
b)
Ability and Willingness to Pay
c)
Performance
d)
Fiat
36.
Basketball starters who are really tall, could be what type of allocation method?
a)
Personal Characteristic
b)
Fiat
c)
Ability and Willingness to pay
d)
First Come, First served
37.
Determining a Powerball winner, would be what type of Allocation method?
a)
Random Draw
b)
Personal Characteristic
c)
Willingness and Ability to Pay
d)
Performance
38.
Which of the following are natural resources?
a)
water
b)
trees
c)
oils
d)
all of them
39.
Michael used his tractor to make bales of hay. His tractor is a ____________.
a)
commercial resource
b)
capital resource
c)
natural resource
d)
human resource
40.
A bow and arrow are what kind of resource?
a)
Capital
b)
Human
c)
Natural
41.
Soil, minerals, air, water, and coal are all examples of
a)
Land
b)
Conservation
c)
labor
d)
physical capital
42.
Skills people acquire as they specialize in an area.
a)
physical capital
b)
labor
c)
human capital
d)
entrepreneurship
43.
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
44.
what is labor?
a)
economics word
b)
the work people are paid to do to produce goods and services.
c)
all people who work for money.
d)
actions one person does for another.
45.
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
46.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
47.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
48.
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/Goods
c)
Entrepreneurship
d)
Human Capital
49.
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)
Human Capital
d)
Natural Resources
50.
Which of the following is an investment in capital resources/goods?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
51.
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
52.
Steve Job and his development of the Apple company are an example of which resource?
a)
Labor
b)
Land
c)
Natural
d)
Entrepreneurial
53.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
54.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism
c)
Mixed
d)
Command
55.
What is an economic system where only the government makes the economic decisions?
a)
traditional economy
b)
free enterprise
c)
mixed economy
d)
command economy
56.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
57.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
58.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods and services will be produced?
b)
What is the price of the goods?
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
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