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WorksheetsEconomics (Unit 1) Review
Total questions: 15
Worksheet time: 5mins
Identify the following as a good, service, or neither:
CD player
(a)
Identify the following as a good, service, or neither:
Cleaning a neighbor's pool
(a)
Identify the following as a good, service, or neither:
doing homework
(a)
Economic efficiency is achieved if the available resources are used in a way that supports the production of the ______________ possible goods.
maximum
minimum
When focusing on the goal of ___________, people work to increase the size, number, or output of goods and services.
economics
efficiency
security
growth
Because of conflicting desires among players in the free market, the ______________________must make and enforce laws against ______________________and fraud.
producers, stealing
government, coercion
producers, coercion
government, stealing
Select the economic indicators discussed in the lesson
Trade
GDP
Consumer Price Index (CPI)
Unemployment Rate
Deflation Rate
________________is a simple approach for deciding to go with one decision over another.
Analysis
Cost Analysis
Benefit Analysis
Cost Benefit Analysis
Which option is true about how costs and benefits are calculated?
Money is a cost that everyone calculates the same way.
The cost of something is equal to its benefit to someone else.
Non-monetary efforts like time, effort, and sacrifice are part of cost.
Everyone gets more benefit from something when they have less of it
When the supply of something is low and the demand is high, then the price will be high.
True
False
__________is having unlimited wants with limited resources.
Choices
Needs
Demands
Scarcity
The question, "What is to be to produced?" is an economic question.
False
True
Identify the factor(s) of production.
Land
Labor
Capital
Investors
Which options are facts of life?
It is possible to satisfy everyone’s desires.
Goods can be produced to meet all needs and wants
Scarcity can be eliminated by making good allocation decisions
Resources for producing goods and services are limited.
Economic goals are sometimes incompatible.
There are laws against theft, coercion and fraud.
False
True
