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WorksheetsEcon Chapter 1
Total questions: 18
Worksheet time: 14mins
Name
Class
Date
1.
Not having enough resources to satisfy every need is
a)
supply side economics
b)
demand curve
c)
scarcity
d)
opportunity cost
2.
the value of the next-best alternative is known as
a)
opportunity cost
b)
sub-alternate decision
c)
revenue
d)
margin
3.
when you give up something to have something else
a)
trade-off
b)
opportunity cost
c)
sacrifice of need
d)
sacrifice of want
4.
1st step in decision making process
a)
Identify the choices
b)
Define problem
c)
Act on choice
d)
Choose the best alternative
5.
Last step in decision-making process
a)
Review your decision
b)
Act on your choice
c)
Choose the Best Alternative
d)
Evaluate advantages
6.
This economic system involves a large role for the govt
a)
Traditional Economy
b)
Command Economy
c)
Mixed Economy
d)
Market Economy
7.
NOT one of the 3 Economic Questions for a country
a)
What goods will be produced?
b)
How will the goods be produced?
c)
What needs/wants will be satisfied?
d)
What will be the marginal tax rate?
8.
Traditional economies are found in countries which are less
a)
developed
b)
frigid
c)
tropical
d)
remote
9.
An economic system in which individuals and businesses make decisions about what to produce.
a)
Market economy
b)
Mixed economy
c)
Communism
d)
Command economy
10.
What are capital resources?
a)
things from nature used to produce goods
b)
the machines, tools, and buildings used to produce goods
c)
the people used to produce goods
11.
Oil, natural gas, and coal
a)
human resources
b)
natural resources
c)
entrepreneurship
d)
capital resources
12.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
13.
Is this shelter a want or a need?
a)
Want
b)
Need
14.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
15.
Which statement explains scarcity?
a)
There's enough of everything for everybody
b)
As long as you have money, you can get anything you want.
c)
People always find more resources.
d)
People's wants are unlimited, but resources are limited.
16.
Food, water and shelter are all forms of what?
a)
Services
b)
Goods
c)
Needs
d)
Wants
17.
the 3 types of resources are
a)
land, water and iron
b)
natural, human and capital
c)
capital, money and natural
d)
labor, human, natural
18.
While the US is a market system what is the name of our specific economic system
a)
Communism
b)
Socialism
c)
Capitalism
d)
'Mericism
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