WorksheetsECONOMY IS FUN!!!
Total questions: 25
Worksheet time: 16mins
Opportunity cost may be defined as the
goods and services that are forgone in order to obtain something else.
prices paid for final goods and services.
cost of producing a particular product.
difference between wholesale and retail prices.
Which of the following events would allow the PPC to shift outward?
The economy's capital stock grows.
Technology improves.
More women enter into labor force.
All of the above.
The fundamental problem of economies is:
the law of increasing opportunity costs.
the scarcity of resources relative to human wants.
how to get government to operate efficiently.
how to create employment for everyone.
Private ownership of resources and the use of price mechanism to solve the basic economic problem are the characteristics of
Capitalism
The Command Economy
Mixed Economy
Socialism
Mixed economy refers to an economy which has both
firm and household decision making and government decision making
businesses and households
product and factor market
market and non-market sectors
Any point inside the PPC is a (an)
efficient point.
nonfeasible point.
inefficient point.
maximum output combination.
Assuming steak and potatoes are complements, a decrease in the price of steak will
decrease in the demand for steak.
increase in the demand for steak.
decrease in the demand for potatoes.
increase in the demand for potatoes.
Mr. Leffler goes to the ticket booth to buy tickets for a Steelers game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no football tickets available?
The arena forgot to print enough tickets.
The supply of tickets was greater than the demand.
The arena charged too much money for each ticket.
The demand for tickets was greater than the supply.
A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions?
The reason why we even have economies is that ...
...people can generally produce what they need on their own.
...we want to trade globally.
...we have needs and desires that we can't fulfill on our own.
Scarcity is a situation:
where people’s needs exceed their resources.
where people’s wants exceed their resources.
where the quantity of resources is sufficient to meet all wants
where people’s needs exceed other people’s resources.
where the quantity of resources is sufficient to meet all needs.
Which of the following happens when the Qs is greater than the Qd?
Equilibrium
Surplus
Shortage
Consumer surplus
What happens if there is surplus?
Sellers offer their products by lowering the price
Sellers offer their products by raising the price
Buyers are easy to find
Sellers stick to the price they are offering
Subsidies given to vegetable farmers will result in
a shift in the supply curve of vegetables.
a shift in demand curve of vegetables.
a movement along the supply curve of vegetables.
a movement along the demand curve of vegetables.
Which of the following measures will assist the government in trying to control price hike of chickens during Raya celebration?
Price floor.
Price ceiling.
Increase in taxes.
Decrease in subsidies.
An increase in the price of product X, decrease the demand for product Y. This indicates that products X and Y are:
butter and margerine.
Nasi lemak and roti canai.
VCD Player and compact disk.
Apple and orange.
If the price ceiling is set below the equilibrium price,
Qd = Qs.
Qd < Qs.
Qd > Qs.
D < S
