WorksheetsMichigan's Economics
Total questions: 20
Worksheet time: 20mins
Name
Class
Date
1.
Not being able to have all the products and services a person wants is called _______.
a)
export
b)
import
c)
scarcity
2.
A business that owned and operated by one person is called _______.
a)
individual ownership
b)
partnership
c)
corporation
3.
A business that owned and operated by two people is called _______.
a)
individual ownership
b)
partnership
c)
corporation
4.
The tools, machines, and buildings that are used to produce goods and services are called _______.
a)
human capital
b)
natural resources
c)
capital equipment
5.
Valuable things in nature that people use are called _______.
a)
human capital
b)
natural resources
c)
capital equipment
6.
People who work in jobs to produce goods and services are called _______.
a)
human capital
b)
natural resources
c)
capital equipment
7.
A business that owned by several people and operated by managers is called _______.
a)
individual ownership
b)
partnership
c)
corporation
8.
The amount of money left over after paying all of the costs is called _______.
a)
profit
b)
scarcity
c)
export
9.
_______ are things that are made and traded.
a)
export
b)
import
c)
products
10.
_______ is what you give up in order to get what you want.
a)
export
b)
opportunity cost
c)
products
11.
An _______ is a product brought in from another country.
a)
export
b)
import
c)
profit
12.
An _______ is a product sold to another country.
a)
export
b)
import
c)
profit
13.
You have $14.00. You can go to the movies, buy a new shirt, or buy a kitten. If you choose to go to the movies, what is your opportunity cost?
a)
the shirt and the kitten
b)
the kitten and the movies
c)
the movies and the shirt
14.
You have $8.00. You can buy a new hat, a new shirt, or two books. If you choose to buy the books, what is your opportunity cost?
a)
the shirt and the books
b)
the hat and the shirt
c)
the books and the hat
15.
Which of the following are natural resources needed to grow apples?
a)
sunlight and water
b)
farmer and hired workers
c)
tractor and plow
16.
Which of the following are human capital needed to grow apples?
a)
sunlight and water
b)
farmer and hired workers
c)
tractor and plow
17.
Which Michigan city is known for producing cereal?
a)
Detroit
b)
Traverse City
c)
Battle Creek
18.
Which Michigan city is known for producing cherries and having lots of tourism?
a)
Detroit
b)
Traverse City
c)
Battle Creek
19.
Which Michigan city is known for producing automobiles?
a)
Detroit
b)
Traverse City
c)
Battle Creek
20.
Imagine you went to Moomers and they were out of your favorite flavor of ice cream! Which of the following is an appropriate example of how you could confront this scarcity?
a)
throw yourself on the floor and cry
b)
choose a different flavor of ice cream
c)
yell and the manager and tell her you are never coming back
100 %
