WorksheetsUnit 1 Quiz Economics Coach Pevoto
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
1. Which of the following statements best describes the purpose of the production possibilities curve?
a)
a. It predicts the future production of a nation.
b)
a. It identifies trends in production.
c)
It shows which products are most profitable
d)
a. It identifies all possible combinations of goods and services an economy can produce.
2.
1. The four factors of production are land, labor, capital, and _______.
a)
entrepreneurs
b)
the government
c)
franchises
d)
inflation
3.
Point A can be identified as?
a)
efficient
b)
inefficient
c)
impossible
4.
Point B can be identified as
a)
efficient
b)
inefficient
c)
impossible
5.
Point C can be identified as
a)
efficient
b)
inefficient
c)
impossible
6.
1. From 0 friendship bracelets to 4 friendship bracelets, the opportunity cost of the cowbells would be about:
a)
1
b)
2
c)
4
d)
6
7.
1. From 4 friendship bracelets to 8 friendship bracelets, the opportunity cost of the cowbells would be about:
a)
1
b)
2
c)
4
d)
6
8.
1. From 8 friendship bracelets to 12 friendship bracelets, the opportunity cost of the cowbells would be about:
a)
1
b)
2
c)
4
d)
6
9.
1. Scarcity is a basic economic problem because:
a)
resources are limited
b)
governments limit production
c)
opportunity costs limit demand
d)
people have trouble making choices
10.
1. Paying rent instead of purchasing tickets to a concert is an example of:
a)
scarcity
b)
property rights
c)
opportunity cost
d)
circular flow model
100 %
