WorksheetsSection 1 Practice Questions yessir
Total questions: 11
Worksheet time: 6mins
Is the following question a positive or normative statement:
Society should take measures to prevent people from engaging in dangerous personal behavior.
Positive statement; it states a fact
Normative statement; it states a fact
Normative statement; it states what a society should do
Positive statement; it states what a society should do
Is the following question a positive or normative statement:
People who engage in dangerous personal behavior impose higher costs on society through higher medical costs.
Normative statement; it states a fact
Normative statement; it states what society should do
Positive statement; it states what a society should do
Positive statement; it states a fact
Use the table to answer the question:
The table shows the daily production possibilities for China and Malaysia in producing trucks and coffee using the same amount of resources. Based on the data provided, which of the following terms of trade are mutually beneficial for the two countries?
1 ton of coffee for 3 trucks
1 ton of coffee for 4 trucks
1 ton of coffee for 5 trucks
1 truck for 1 ton of coffee
1 truck for 5 tons coffee
Michael and Martha run a mechanic shop. In one hour...
- ...Michael can perform eight oil changes or change ten tires
- ...Martha can perform seven oil changes or change fourteen tires
Given this information which of the following is true?
Martha has a comparative advantage in changing oil
Martha has an absolute advantage in changing oil
Michael has a comparative advantage in changing tires
Michael has an absolute advantage in changing tires
Michael has an absolute and comparative advantage in changing oil
The table above shows the landscaping productivity of Simone and Irina during an eight hour workday. Simone can mow twelve lawns or trim twenty four trees in eight hours. Irina can mow nine lawns or trim twelve trees in eight hours.
Based on the information in the table, which of the following is true?
Irina has an absolute advantage in mowing lawns
Irina has an absolute advantage in trimming trees
Irina has a comparative advantage in trimming trees
Simone has an absolute advantage in trimming trees and mowing lawns
Simone has a comparative advantage in trimming trees and mowing lawns
Which of the following contributes to the economic problem of scarcity?
Human wants are insufficient
Resources are unlimited
Resources are efficient
Resources are expensive
Resources have alternative uses
What type of resource is a bulldozer?
Land
Capital
Financial Capital
Labor
The labor force is made up of everyone who is...
employed
old enough to work
employed or unemployed
employed or capable of working
The other things equal assumption allows economists to...
avoid making assumptions about reality.
focus on the effects of only one change at a time.
oversimplify.
allow nothing to change in their model.
reflect all aspects of the real world.
A city government received a$1
million grant to build swimming pools and skating rinks for youth. Based on the data provided in the graph, what is the opportunity cost of building one swimming pool?
0.50 skating rink
0.50 swimming pool
2 skating rinks
2 swimming pools
5 skating rinks
Refer to the graph. An increase in unemployment could be represented by a movement from point...
D to point C.
B to point A.
C to point F.
B to point E.
E to point B.
