WorksheetsEconomics Unit 1 Quiz Review
Total questions: 21
Worksheet time: 11mins
Name
Class
Date
1.
tool, equipment, or other manufactured good that is used to produce other goods and services.
a)
capital good
b)
consumer good
c)
scarcity
d)
land resource
2.
fundamental economic problem facing all societies that results from a combination of limited resources and people’s virtually unlimited wants.
a)
scarcity
b)
opportunity cost
c)
factors of production
d)
utility
3.
goods intended for use by consumers rather than businesses.
a)
consumer good
b)
capital good
c)
factors of production
d)
entrepreneurship
4.
graph representing the total amount of two products that can possibly be produced by a country.
a)
Production Possibilities Curve
b)
Factors of Production
c)
Scarcity Model
d)
Economics Frontier
5.
individual that combines land, labor and capital to create a product.
a)
capital good
b)
consumer good
c)
entrepreneur
d)
PPC facilitator
6.
productive resources that make up the 4 categories of land, capital, labor, and entrepreneurship.
a)
factors of production
b)
capital goods
c)
consumer goods
d)
fiscal policy
7.
products that increase standard of living but are not necessary to sustain life.
a)
needs
b)
wants
c)
consumer goods
d)
capital goods
8.
ability of a good or service to be useful and give satisfaction to someone.
a)
utility
b)
value
c)
scarcity
d)
productivity
9.
loss of the next best alternative use of money, time, or resources when one choice is made rather than another.
a)
opportunity cost
b)
capital good
c)
consumer good
d)
scarcity
10.
goods or services necessary to sustain life.
a)
need
b)
want
c)
land resource
d)
labor
11.
what has to be asked when setting up an economy.
a)
3 basic questions
b)
4 factors of production
c)
who, what, when, where, and why
d)
is this a need or a want
12.
economic system characterized by a central authority that makes all of the economic decisions
a)
Free Enterprise System
b)
Communism
c)
Socialism
d)
Monopoly
13.
economic system in which competition is allowed to flourish with a minimum of government interference
a)
Free Enterprise System
b)
Communism
c)
Socialism
d)
Free Trade
14.
economic system in which government owns and runs some of the industries important to the country’s society
a)
Socialism
b)
Communism
c)
Free Enterprise System
15.
- easy to enter or exit market
- many companies
- price controlled by buyers
- many companies
- price controlled by buyers
a)
Perfect Competition
b)
Monopoly
c)
Oligopoly
d)
Monopolistic Competition
16.
- relatively easy to enter or exit market
- many companies
- price mostly controlled by buyers
- small variations in products
- many companies
- price mostly controlled by buyers
- small variations in products
a)
Perfect Competition
b)
Monopoly
c)
Oligopoly
d)
Monopolistic Competition
17.
- one company in the market
- price controlled completely by sellers
- price controlled completely by sellers
a)
Perfect Competition
b)
Monopoly
c)
Oligopoly
d)
Monopolistic Competition
18.
- market controlled by a few large companies
- tough to get into the market
- price leadership / collusion
- tough to get into the market
- price leadership / collusion
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
d)
Monopolistic Competition
19.
Which of the following is not one of the 3 basic questions?
a)
What am I going to produce?
b)
How am I going to produce it?
c)
Who am I going to produce for?
d)
What is the opportunity cost?
20.
the market where individuals sell their services, time, and talents to businesses
a)
factor market
b)
product market
21.
the market where companies sell goods and services to individuals
a)
factor market
b)
product market
100 %
