NEW
Font size
S
M
L
XL
WorksheetsEconomics: Unit 1 Review "What is Economics"
Total questions: 42
Worksheet time: 22mins
Name
Class
Date
1.
There are 4 _______________. They are land, labour, capital and entrepreneurship.
a)
Factor of Production
b)
Market Economy
c)
Profit
d)
Economics
2.
The study of how people seek ways to meet their wants and needs by making choices is called?
a)
Economics
b)
Scarcity
c)
Capitalism
d)
Entrepreneurs
3.
Organizing land, labour and capital (factors of production), in the production of goods or services is called
a)
Entrepreneurship
b)
Mixed Economy
c)
Profit
d)
Planned Economy
4.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market
b)
Tradeoff
c)
Scarcity
d)
Equity
5.
If you want to open a restaurant, you will need waitstaff. Waitstaff are
a)
Labor
b)
Human capital
c)
Physical capital
d)
Land
6.
The reason why you cant have everything you want is because of
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
7.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
8.
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?
9.
The trees used to make lumber to build a new house is which factor of production?
a)
Labor
b)
Physical Capital
c)
Capital
d)
Land
10.
The study of how people seek ways to meet their wants and needs by making choices is called?
a)
Economics
b)
Scarcity
c)
Capitalism
d)
Entrepreneurs
11.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
12.
A person who decides how to combine resources to create goods and services is known as a(n)
a)
Capitalist
b)
Socialist
c)
Entrepreneur
d)
Boss
13.
The human-made objects used to create other goods and services is known as . . .
a)
Human Capital
b)
Physical Capital
c)
Soft Capital
14.
All of the following are FACTORS OF PRODUCTION except
a)
Labor
b)
Land
c)
Entrepreneurs
d)
Capital
15.
The principle that limited amounts of goods and services are available to meet unlimited wants is known as ...
a)
Scarcity
b)
Shortage
c)
Opportunity Costs
d)
Trade-off
16.
The physical objects that someone produces is called _____.
a)
Needs
b)
Goods
c)
Services
d)
Wants
17.
The situation in which some necessities have little value while some non-necessities have a much higher value is known as
a)
paradox of value
b)
opportunity cost
c)
trade-offs
d)
economic interdependence
18.
Division of labor is a characteristic of
a)
home craft businesses
b)
assembly line production
c)
classroom education
d)
entrepreneurship
19.
The study of economics is important because it enables us to
a)
describe our standard of living
b)
increase our consumption of consumer goods
c)
become better decision makers
d)
determine what goods ought to be produced
20.
Manufactured goods needed to produce other goods and services are called
a)
nondurable goods.
b)
capital goods
c)
Gross Domestic Product (GDP)
d)
consumer goods
21.
In a free enterprise economy, only consumers make the majority of the WHAT, HOW, and FOR WHOM decisions.
a)
TRUE
b)
FALSE
22.
A major contribution to productivity comes from investments in human capital
a)
TRUE
b)
FALSE
23.
The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is
a)
its standard of living.
b)
financial capital.
c)
a cost-benefit analysis.
d)
Gross Domestic Product (GDP).
24.
Entrepreneurs are considered the driving force in an economy because they
a)
own a great deal of land
b)
are the greatest number of people in an economy.
c)
start new businesses.
d)
provide most of the labor
25.
Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of
a)
opportunity costs
b)
trade-offs.
c)
specialization
d)
economic interdependence
26.
worth that can be expressed in dollars and cents
a)
value
b)
economics
c)
scarcity
d)
wealth
27.
study of how people try to satisfy their needs through the careful use of scarce resources
a)
labor
b)
value
c)
economics
d)
factor market
28.
condition of not having enough resources to produce all the things people want
a)
productivity
b)
service
c)
opportunity cost
d)
scarcity
29.
cost of the next best alternative use of money, time, or resources when one choice is made rather than an other
a)
opportunity cost
b)
scarcity
c)
durable good
d)
service
30.
sum of those economic products that are tangible, scarce, useful, and transferable
a)
productivity
b)
want
c)
value
d)
wealth
31.
people with all their efforts, abilities, and skills
a)
trade-offs
b)
standard of living
c)
good
d)
labor
32.
alternative choices made by consumers in the market place
a)
labor
b)
trade-offs
c)
want
d)
scarcity
33.
quality of life based on the ownership of the necessities and luxuries that make life easier
a)
want
b)
durable good
c)
standard of living
d)
opportunity cost
34.
tangable item that is economically useful or that satisfies an economic want
a)
good
b)
need
c)
labor
d)
value
35.
basic requirement for survival
a)
good
b)
want
c)
need
d)
value
36.
work that is performed for someone
a)
want
b)
service
c)
productivity
d)
factor market
37.
something we would like to have but is not necessary for survival
a)
want
b)
service
c)
durable good
d)
wealth
38.
a measure of the amount of goods and services produced within a given amount of resources in a specific period of time
a)
want
b)
service
c)
productivity
d)
economics
39.
any good that lasts three years or more when used regularly
a)
value
b)
opportunity cost
c)
durable good
d)
non-durable good
40.
where factors of production are bought and sold
a)
value
b)
labor
c)
factor market
d)
durable good
41.
people doing different tasks at a production location is an example of _____.
a)
specialization
b)
division of labor
c)
productivity
d)
paradox of value
42.
when people are experts in their field to the degree that they can offer services for sale to customers, they are demonstrating which of the following economic concepts?
a)
division of labor
b)
specialization
c)
paradox of value
Reset
