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Worksheetsce11 econ 101
Total questions: 12
Worksheet time: 6mins
An apple tree would be considered a ___ resource.
land
labor
capital
A cement mixer would be considered a __ resource.
land
labor
capital
If cotton candy costs a quarter to make, and everyone at the carnival is in his line, the producer is going to sell his cotton candy for
2 bags for a quarter
$1 a bag
a nickle a bag
Next week, the cotton candy producer decides to charge $5 a bag, but no one gets in his line. What will the producer have to do?
raise his prices
make popcorn instead
lower his prices
Joe wants to make some money, so he starts a lawn business. Mrs. Jones offers him $20 to mow her lawn and Mr. Smith offers him $35 to mow his lawn. Of course, he chose to do Mr. Smith's yard. Mrs. Jones got Mya to cut her lawn. What was Joe's opportunity cost?
$20
$35
There was no cost
In a traditional economy, Samir's dad was a fisherman. What will Samir's son most likely be when he grows up?
farmer
builder
fisherman
Government is most involved with ___ decision-making in a mixed economy.
public
private
centrally owned
Buy one, get one free is known as
a bribe
an incentive
an opportunity cost
Which is not a characteristic of a free market economy?
profit motive
competition
lack of consumer choice
Pizza Hut and Domino's, McDonald's and Wendy's have long been competitors. Because of these rivalries, a positive economic scenario has occurred. Usually,
the price and quality are equal
the price and the quality are both super high
the price is low, and the quality is better
Because of consumer sovereignty,
consumers determine through their purchases, what and how much will be produced
produces have no input into what is made
production is decided by the goverrnment
Why does anyone ever have to make a choice?
because there is an abundance of resources
resources are plentiful
there is an inability to satisfy everyone's wants and needs
