WorksheetsChoices
Total questions: 28
Worksheet time: 32mins
Name
Class
Date
1.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
2.
What is scarcity?
a)
Having too many resources
b)
Not having enough resources
3.
What is opportunity cost?
a)
your choice
b)
what I give up to make a choice
c)
benefits
d)
luxuries
4.
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
c)
cakes
d)
pies
5.
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)
car
b)
swimming pool
c)
boat
d)
vacation
6.
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)
spending time with her sister
b)
spending time at a friends house
c)
seeing her favorite band
d)
babysitting
7.
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
c)
passing his test
d)
taking a nap
8.
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)
a new library
b)
more computers
c)
new skate park
d)
a new bike ramp
9.
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
10.
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
11.
Soil, minerals, air, water, and coal are all examples of
a)
Land
b)
Conservation
c)
labour
d)
physical capital
12.
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
13.
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
14.
What is labour?
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.
15.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
16.
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
17.
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.
18.
Which of the following is a want?
a)
Water to drink
b)
Shelter to sleep in.
c)
Clean air to breathe.
d)
A college education from Monash University.
19.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labour
c)
Capital
d)
Entrepreneur
20.
Which factor of production would you consider a cow?
a)
Land
b)
Labour
c)
Capital
d)
Entrepreneur
21.
Someone who works for a company is called an Entrepreneur.
a)
True
b)
False
22.
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)
Labour
23.
A product of the earth that people use to meet their needs is a
a)
capital good
b)
natural resource
c)
labour
d)
entrepreneur
24.
radio/stereo
a)
wants
b)
needs
25.
ice cream
a)
wants
b)
needs
26.
house/shelter
a)
wants
b)
needs
27.
food
a)
wants
b)
needs
28.
iphone 7
a)
wants
b)
needs
100 %
