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WorksheetsPOB 5.01 #1
Total questions: 10
Worksheet time: 5mins
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
utility
opportunity cost
Which occurs when the supply of individuals who are able and willing to work diminishes?
Human resources become limited.
Capital goods become unlimited.
Which group of words best describes wants?
limited, changing, and compensating
unlimited, changing, and competing
Which is an example of an economic service?
car stereo
concert ticket
A local dry cleaner that also launders and presses shirts is selling:
specialty goods
consumer services
The desire for which item(s) would be considered a noneconomic want?
a walk
nutritious food
Adrian and Bailey own a salon. Adrian is a nail technician and Bailey is a cosmetologist. Adrian gives Bailey a pedicure. Bailey gives Adrian a haircut. They do not pay money for the services provided. What does this demonstrate?
exchange
scarcity
Which is a natural resource that can be renewed through people's efforts?
Trees
Water
The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained is called economizing.
True
False
Scarcity is
Unlimited wants with limited resources
Limited wants with unlimited resources
