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Econ Honors: What is Economics?

Total questions: 56

Worksheet time: 43mins

Name
Class
Date
1.

This is the social science that deals with how people satisfy unlimited needs and wants using scarce resources.

a)

consumerism

b)

economics

c)

scarcity

d)

utility

2.

This is a basic requirement for survival; including food, clothing and shelter.

a)

need

b)

want

c)

good

d)

service

3.

This is something that we would like to have but it is not necessary for survival.

a)

need

b)

want

c)

good

d)

utility

4.

This is work or labor that is performed for someone.

a)

need

b)

want

c)

durable good

d)

service

5.

The four factors of production are: land, labor, capitol, and this.

a)

air

b)

opportunity cost

c)

utility

d)

entrepreneurship

6.

This is a risk taking individual who introduces new products in order to make money.

a)

partner

b)

utility worker

c)

entrepreneur

d)

executive

7.

This is the cost of the next best alternate use of money, time and/or resources.

a)

labor cost

b)

utility cost

c)

capital cost

d)

opportunity cost

8.

This is an alternative that MUST be given up when one choice is made rather than another.

a)

factor of production

b)

utility cost

c)

opportunity cost

d)

trade-off

9.

This is a meeting place where buyers and sellers come together. It can be electronic or in person.

a)

market

b)

production place

c)

inner city

d)

festival

10.

This economic thinker is famous for his theory of "the invisible hand" as a way of moving markets.

a)

Adam Smith

b)

Alex Smith

c)

Aiden Smith

d)

Allen Smith

11.
Something like air, food, or shelter that is necessary for survival
a)
needs
b)
wants
c)
economics
d)
goods
12.
A physical object such as clothes or shoes.
a)
Goods
b)
Services
c)
Shortages
d)
Resources
13.
Actions or activities that one person performs for another
a)
Capital
b)
Shortages
c)
Services
d)
Factors of Production
14.
Limited quantities of resources to meet unlimited wants
a)
Physical Capital
b)
Factor of Production
c)
Macroeconomics
d)
Scarcity
15.
Which of the following is not a factor of production?
a)
Land
b)
Labor
c)
Capital
d)
Scarcity
16.
A manufactured good that is used to produce other goods or services
a)
specialization
b)
non durable good
c)
capital good
d)
durable good
17.
This is a fundamental problem in every society
a)
nondurable goods
b)
factor market
c)
scarcity
d)
food
18.

Computers, hammers, trucks, and other man-made materials would be which factor of production?

a)

land

b)

labor

c)

capital

d)

entrepreneurship

19.

Jim starts a restaurant business using his own money to purchase a building and cooking supplies such as ovens and grills as well as hiring employees. He plans to expand to other cities. This is an example of which economic terms?

a)

entrepreneurship

b)

production

c)

specialization

d)

investment

20.

Savanna attends college. She gives up her ability to earn money at her job to attend college. Savanna's lost earnings are an example of...

a)

Marginal Cost

b)

Fixed Cost

c)

Opportunity Cost

d)

Residual Cost

21.

Which factor of production would include the lands farmed, mining, and plots of land which are built on.

a)

capital

b)

labor

c)

entrepreneurship

d)

land

22.
(3) Which of the following is NOT a consumer good?
a)
a bulldozer at a construction site
b)
a Happy Meal at McDonalds
c)
a pack of Doritos in a vending machine
d)
a television set for sale at an appliance store
23.
(2) Which of the following resources would economists classify as “capital”?    
a)
Raw Bauxite in a South African mine 
b)
A hammer used in framing a house 
c)
A worker hired to repair engines 
d)
Trees used to make paper 
24.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
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 
25.
Which of the following statements is true: 
a)
An economist would consider something scarce only if it is limited (not anything else) 
b)
A trade off occurs when you give up something you want in order to get something else you want 
c)
The economic social goal, economic equity, means everyone gets the same amount of money 
d)
In a traditional economy, the government gets to decide the answers to the 3 basic economic questions
26.
The major types of resources used to make a product are called  
a)
natural resources
b)
factors of reduction
c)
factors of production
d)
capital resources
27.

The question of how much pollution we should allow factories that manufacture products to generate falls under which of society's economic choices?

a)

HOW to produce

b)

WHAT to produce

c)

FOR WHOM to produce

d)

WHEN to produce

28.

Society's choice of WHAT to produce might involve deciding

a)

where to drill for oil

b)

how resources should be distributed

c)

how cheaply businesses produce goods

d)

whether to improve roads or build schools

29.
What factor of production is: Sugar Cane?
a)
Land
b)
Labor
c)
Human Capital
d)
Physical Capital
30.
What factor of production is: Economics Classroom?
a)
Land
b)
Labor
c)
Human Capital
d)
Physical Capital
31.
What factor of production is: Iron worker?
a)
Land
b)
Labor
c)
Human Capital
d)
Physical Capital
32.
What factor of production is: Bulldozer?
a)
Land
b)
Labor
c)
Human Capital
d)
Physical Capital
33.
What factor of production is: Oil?
a)
Land
b)
Labor
c)
Human Capital
d)
Physical Capital
34.

What is the difference between a shortage and scarcity?

a)

A shortage can be temporary or long-term, but scarcity always exists.

b)

A shortage results from rising prices; a scarcity results from falling prices

c)

A shortage is a lack of all goods and services; a scarcity concerns a single item.

d)

There is no real difference between a shortage and a scarcity.

35.
Economics is the study of how individuals and societies make choices about ways to use ____________ resources to fulfill their needs and wants
a)
abundant
b)
plentiful
c)
financial
d)
scarce
36.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
37.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
38.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
39.
What are the 3 questions every economic system must answer for their country?
a)
What to produce?
 How will the government produce it. Who will the leader produce it for.
b)
What to produce? How to produce it? For whom to produce it for?
c)
What to produce? How to produce it? When will the government produce it?
d)
When the dictator decides what to produce. How to produce it and for where it will be sold.
40.
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.
41.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue 
42.
work that is performed for someone
a)
good
b)
service
c)
human capital
d)
market
43.
Which of the following lists the four factors of production? 
a)
land, labor, wants, entrepreneurs 
b)
labor, needs, capital, entrepreneurs
c)
land, labor, capital, scarcity
d)
 land, labor, capital, entrepreneurs
44.
Which of the following is an example of a service? 
a)
hairspray
b)
scissors
c)
blow dryer
d)
hair cut
45.
Imagine you buy a soccer ball for $35.  What is the opportunity cost of buying that soccer ball?
a)
 Time spent deciding to spend your money 
b)
$35 cash
c)
Something else you could have bought
d)
The time spent making the purchase and the tax paid on the ball
46.
A computer that is bought for household use is a 
a)
consumer good
b)
service
c)
capital good
d)
capital service
47.
A factor of production that includes natural resources not created by humans
a)
land
b)
labor
c)
capital
d)
entrepreneur
48.

Marginal Analysis is....

a)

Making decisions based on the scarcity of wants and needs.

b)

Making decisions based upon weighing the marginal benefits and costs of that action. The rational decision-maker will choose an action if the marginal benefit is greater than or equal to the marginal cost.

c)

Choosing between two options.

d)

The different quantities of goods that an economy can produce with a given amount of scarce resources.

49.
Tangible and intangible items people produce to sell
a)
consumers
b)
producers
c)
goods and services
d)
opportunity costs
50.
A good is something you buy and consume.   Tell which one is a good.
a)
You get your hair cut.
b)
You hire someone to cut your grass.
c)
You take a trip on the Grey Hound Bus to New York.
d)
You buy a donut at Krispy Kreme.
51.
This economic concept that nothing is truly free; everything has a cost. 
a)
scarcity
b)
opportunity cost
c)
TINSTAAFL - There is no such thing as a free lunch
d)
You break it, you buy it
52.
A manufactured good that is used to produce other goods or services
a)
specialization
b)
non durable good
c)
capital good
d)
durable good
53.

TINSTAAFL is used to explain which of the following economic concepts?

a)

If prices are high enough, businesses can give away goods for free

b)

Nothing is actually free, we use society's scarce resources when we consume something, even if we don't pay for it ourselves

c)

Those preparing lunches will never be paid enough

d)

Quantity demanded is smaller than quantity paid

54.

Shortage: ___________:: Scarcity: ____________

a)

Temporary, Permanent

b)

Permanent, Unlimited

c)

Temporary, Limited

d)

Permanent, Temporary

55.
Which item do YOU think best can be classified as conspicuous consumption?
a)
Diamond necklace
b)
Granola bar
c)
Bottle water
d)
White T-shirt
56.

The use or consumption of a good or service to impress others is called

a)

TINSTAAFL.

b)

distribution.

c)

conspicuous consumption.

d)

fulfillment.

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