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WorksheetsWelcome to AP Economics
Total questions: 17
Worksheet time: 11mins
Name
Class
Date
1.
Opportunity Cost is
a)
The alternatives you didn't choose
b)
The second best alternative
c)
The negative aspects of an action
d)
The choice you made
2.
All of the following are possible opportunity costs to the decision to go out for Pizza except
a)
You could have gone out for Chinese food
b)
Eaten at home instead
c)
You could have gone to your friends house
d)
You will have consumed a lot of food
3.
All of the following are possible costs of your decision to go away to college except
a)
You will spend lots of time studying
b)
There may be a lot of social distractions
c)
You will become more educated
d)
You will be paying a lot of money
4.
Which is true about scarcity?
a)
All resources are scarce but some are more scarce than others
b)
Scarcity will go away if people use their resources to their fullest potential
c)
Scarcity does not exist in places where people are rich
d)
Scarcity is not a reason why people have to make economic decisions
5.
The fact that it smells like dog food near the Purina Factory can be considered
a)
An external cost to the public
b)
An external cost to the factory operators
c)
An external cost to everyone involved
d)
An external benefit to the factory operators
6.
What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
a)
Work
b)
Money
c)
Tiredness
d)
Time
7.
What is the best example of scarcity
a)
The restuarant is not crowded tonight
b)
The school parking lot only has 150 spaces but 200 students want to park there
c)
There are 500 houses in the subdivision and 250 of them are occupied
d)
A person decided to dye her hair blonde instead of red
8.
Which concept is most fundamentally related to scarcity?
a)
Choice
b)
External costs
c)
Benefits
d)
Learned behaviors
9.
If you decide to relax (leisure) for 7 hours instead of 5, what is your opportunity cost?
a)
2 hours of study
b)
2 hours of leisure
c)
5 hours of leisure
d)
5 hours of study
10.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
11.
A cost and benefit analysis, refers to the positive and negative effects making a certain decision will have
a)
True
b)
False
12.
a)
3
b)
2.4
c)
24
d)
6
13.
Find 25% of 80 kg
a)
40 kg
b)
10 kg
c)
8 kg
d)
20 kg
14.
Find the new value when $20 is increased by 10%
a)
$21
b)
$22
c)
$30
d)
$40
15.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
16.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
17.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
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