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WorksheetsEcono-Quiz
Total questions: 50
Worksheet time: 49mins
Name
Class
Date
1.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made
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
2.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
3.
In economics, resources are:
a)
Anything used to create something else
b)
The environment in general
c)
Specifically lumber and water
d)
Capital only
4.
Workers
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
5.
Tools
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
6.
Raw materials (i.e. cotton, oil...etc.)
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
7.
The people who bring all the factors together to create something are practicing
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
8.
The study of economics is primarily concerned with:
a)
demonstrating that capitalistic economies are superior to socialistic economies.
b)
determining the most equitable distribution of society's output.
c)
keeping private businesses from losing money.
d)
choices/decisions that are made due to lack of resources
9.
In economics, the value of the next best alternative is called _________.
a)
Scarcity
b)
Productivity
c)
Opportunity Cost
d)
Supply and Demand
10.
Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys
a)
Demand
b)
Needs
c)
Wants
d)
Presents
11.
Wants
a)
desires for things that may or may not be necessities
b)
desires that can only be obtained by spending money
c)
are only tangible goods
d)
are only intangible goods
12.
Which one of the following groups of words best describes wants:
a)
Limited, changing, and compensating
b)
Unlimited, changing, and competing
c)
Limited, unchanging, and competing
d)
Unlimited, unchanging, and compensating
13.
Economics
a)
the study of how to meet unlimted, competing wants with limited resources
b)
the study of people and how they spend their money
c)
the study of how people need to budget their money
d)
the study of how to meet limited wants with limited resources
14.
Economics is the study of how
a)
gov't allocates scare resources to satisfy people's unlimited wants.
b)
gov't supplies money to businesses to produce goods & services.
c)
people use their scarce resources to satisfy their unlimited wants.
d)
businesses supply unlimited goods & services with limited resources.
15.
The people who do the labor. Anyone who works.
a)
Human Resource
b)
Renewable Resource
c)
Supply
d)
Demand
16.
Resources that can be replaced or renewed like wood, plastic, and rubber.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Capital Resources
17.
The study of how people choose to use their resources
a)
Incentive
b)
Economics
c)
Entrepreneur
d)
Specialization
18.
Resources that can't be replaced like oil, gold, and silver. Once they are taken out of the ground, they can't grow back or be replaced.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Natural Resources
19.
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
20.
Something we pay to use fora certain amount of time
a)
services
b)
goods
21.
Economics is about making choices.
a)
True
b)
False
22.
Your opportunity cost depends on your alternatives.
a)
True
b)
False
23.
Scarcity arises because all societies have
a)
limited productive resources to satisfy unlimited wants
b)
unlimited productive resources to satisfy limited wants
c)
limited needs and unlimited wants
d)
unlimited needs and limited wants
24.
Economics is the study of how
a)
gov't allocates scare resources to satisfy people's unlimited wants.
b)
gov't supplies money to businesses to produce goods & services.
c)
people use their scarce resources to satisfy their unlimited wants.
d)
businesses supply unlimited goods & services with limited resources.
25.
The opportunity cost of a chosen item or activity is
a)
the money you must give up to buy it
b)
the value of all alternatives you must pass up
c)
The value of the best alternative you must pass up.
d)
the money you lost by not choosing the least expensive option.
26.
What is a characteristic of unlimited wants?
a)
Wants change.
b)
Everyone always has them
c)
Everyone must choose which wants to satisfy at any one time because resources are limited.
d)
none of the above
27.
Giving up one alternative for another is called
a)
underutilization.
b)
a trade-off.
c)
human capital.
d)
efficiency.
28.
House: Goods or Service?
a)
Goods
b)
Service
29.
Doctor: Goods or Service?
a)
Goods
b)
Service
30.
The highest-valued alternative that must be given up to engage in an activity.
a)
Scarcity
b)
Factors of Production
c)
Innovation
d)
Opportunity Cost
31.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
32.
When we produce the things we are best at, it is called ____________.
a)
economic choice
b)
scarcity
c)
specialization
d)
capital resource
33.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
34.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
35.
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)
vacation
b)
swimming pool
36.
Natural resources are provided by nature, and capital resources are provided by
a)
machinery
b)
people
c)
technology
d)
automation
37.
Why is it important for businesses to monitor customer purchases?
a)
To satisfy consumers' needs and wants
b)
o block consumers' economic votes
c)
To promote slow-selling merchandise
d)
To classify their products
38.
a)
Good
b)
Service
39.
a)
Good
b)
Service
40.
a)
Good
b)
Service
41.
a)
Good
b)
Service
42.
a)
Good
b)
Service
43.
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
44.
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
45.
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
46.
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
47.
Co-Founder of Google
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
48.
a)
Entrepreneur
b)
Human Resource
c)
Natural Resource
d)
Capital Resource
49.
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?
50.
what is labor?
a)
economics word
b)
the work people are paid to doto produce goods and services.
c)
all people who work for money.
d)
actions one person does for another.
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