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WorksheetsMicroeconomics 1
Total questions: 14
Worksheet time: 14mins
According to the chart, what do household exchange in the Product market for finished products?
Consumption Expenditures
Cost
Goods and services
Productive Resources
According to the chart above, what do businesses receive from the factor market?
Goods and Services
Finished Goods
Income
Factors of Production
According to the chart, what do businesses do with the productive resources they purchase?
make finished goods and services and sell them in the product market
make finished goods and services and sell them in the factor market
make productive resources and sell them in the product market
use them to gain a tax credit with the government
According to the chart, who makes income?
Businesses
Factor Markets
Product Markets
Households
According to the chart, how do households and businesses interact in the factor market?
Households sell finished goods and services to businesses for money
Households sell productive resources to businesses in exchange for income
Households sell productive resources to businesses in exchange for expenses
Households purchase finished goods from businesses in exchange for cost
According to the chart above, how do businesses and households interact in the product market?
Businesses sell productive resources to house holds for income
Businesses sell finished goods and services to the households for the factors of production
Households purchase finished goods and services from the business for money that becomes is revenue for the businesses
Households barter with businesses in exchange for a job to work.
What is the opportunity cost of moving from point A to point B?
50 of good X
35 of Good Y
50 of Good X and 35 of Good Y
What ever is given up by point B
Which point on the curve is an efficient use of resources?
F
D
E
A
Which point on the curve shows impossible production possibilities?
A
D
E
F
An outward shift in the curve shows what?
Economic Growth
Less Production
Less employment
Full Employment
Which of the following cause an outward shift in the curve?
Improved technology
Increasing workers education
Provide greater Job training
spread disease among the workers
Investment in education, training, and skill development has been linked to
declining job satisfaction.
growing financial instability.
increasing earnings for workers.
decreasing political participation.
Production is
the relationship of outputs divided by inputs
the relationship of inputs divided by outputs
the relationship of inputs divided by inputs
the relationship of outputs divided by outputs
Your friend asked you to go to Georgia/Florida football game. Tickets cost $150; however, you choose to stay home and study for your really important Fundamentals of Economics test.
What is your opportunity cost?
The time you gave up to study
the $150 for the tickets to watch Georgia win
Your friend
The time you gave up to study and the $150 for the tickets to watch Georgia win
Coach Stevens
