WorksheetsIntroduction to Economics
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Human mental and physical skills used to produce goods and services...
a)
factors of production
b)
entrepreneurship
c)
labor
d)
opportunity cost
2.
The risk taker who combines resources into the production of goods and services...
a)
factors of production
b)
entrepreneurship
c)
labor
d)
opportunity cost
3.
The trade-off or loss of the next most valuable thing...
a)
factors of production
b)
entrepreneurship
c)
labor
d)
opportunity cost
4.
Land, Labor, Capital, & Entrepreneurship...
a)
factors of production
b)
entrepreneurship
c)
labor
d)
opportunity cost
5.
The study of how people/societies deal with scarcity...
a)
capital
b)
land
c)
command
d)
economics
6.
The economic system where the government owns/controls the factors of production...
a)
capital
b)
land
c)
command
d)
economics
7.
Natural resources such as climate, soil, water used to produce goods and services...
a)
capital
b)
land
c)
command
d)
economics
8.
Man-made tools and machines used to produce goods and services...
a)
capital
b)
land
c)
command
d)
economics
9.
The income earned from the factor of production, capital, is...
a)
wages.
b)
rent.
c)
interest.
d)
profit.
10.
An economic model is...
a)
more complex than real-life situations.
b)
simpler than real-life situations.
c)
able to predict the future.
d)
explain behaviors.
11.
The resources used to make all goods and services are the...
a)
production possibilities.
b)
production trade-offs.
c)
factors of production.
d)
natural resources.
12.
What is a factory building an example of?
a)
land
b)
labor
c)
capital
d)
entrepreneurship
13.
The big problem that all economic systems face is...
a)
inflation.
b)
scarcity.
c)
too many resources.
d)
losing control.
14.
The United States is considered as which of the following types of economies?
a)
mixed market
b)
socialist market
c)
traditional market
d)
command market
15.
A cashier at your local grocery store is an example of...
a)
land.
b)
labor.
c)
capital.
d)
entrepreneurship.
16.
At point B on the PPC, this country is producing...
a)
all pizza.
b)
some pizza and some sugar.
c)
all sugar.
d)
healthy food.
17.
In a production possibilities curve, which of the following is NOT true about point D?
a)
inefficient
b)
future growth
c)
unemployment of resources
d)
underutilized resources
18.
What is the opportunity cost of moving from point B to C?
a)
pizza
b)
sugar
c)
the price of pizza
d)
the price of sugar
19.
The graph expresses or illustrates the...
a)
amount of profit a business can make.
b)
opportunity cost.
c)
factors of production.
d)
profitability.
20.
A country that wants to achieve future growth should currently produce at what point?
a)
A
b)
B
c)
C
d)
D
21.
An improvement in technology is likely to shift the production possibilities curve...
a)
inward.
b)
outward.
c)
have no effect.
d)
inward, and then outward.
22.
In the product market, what do households give businesses in exchange for goods and services?
a)
money
b)
factors
c)
land
d)
labor
23.
What are the two markets represented in a 2 sector circular flow chart?
a)
product / factor
b)
product / service
c)
service / factor
d)
resource / factor
24.
In a 2 sector circular flow chart, households exchange L.L.C.E. for W.R.I.P with...
a)
the government.
b)
businesses/firms.
c)
the public.
d)
entrepreneurs.
25.
L.L.C.E. is exchanged for what in the 2 sector circular flow chart?
a)
W.R.O.P
b)
W.R.I.P
c)
R.I.P.E
d)
W.A.S.P.
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