WorksheetsLesson 1 - Economics
Total questions: 30
Worksheet time: 15mins
Both goods and services are counted as wealth
true
false
Scarcity is an economic problems with which all societies are faced
true
false
People's needs are limited
true
false
In all societies, the government decides what to produce
true
false
Japan, with an aging population,has difficulty replacing people with machines
true
false
Economic growth is an increase in an nations output of goods and services over time.
true
false
Economic growth usually can be achieved without investing in new resources
true
false
Economic growth cause the production possibilitities frontier to contract.
true
false
people's skills, abilities, health, knowledge, and motivation all add up to entrepreneruship.
true
false
Separation of tasks to be performed by different workers is division of labor
true
false
Societies are faced with which three basic questions about production of goods
what, how, and why
what, where and when
what, how, and for whom
when where, and for whom
A an of sound is an example of a
durable good
nondurable good
capital good
service
A car is an example of
durable good
non durable good
capital good
service
which of the following helps determine something's value
utility
beauty
scarcity
both A and C
A nations; wealth is made up of
all intangible items
all goods and services
all tangible goods
all tangible and intangible items
which of the factors of productions evolves taking risks and combining resources to produce a good or service
land
capital
labor
entrepreneurs
opportunity costs refers to
the dollar amount attached to a good or service
the value of the next best alternative
the cost off to expanding production
the cost of labor when production is expanded or changed
when deciding how to use resources, you need to evaluate the cost and benefits of each choice to decide which meets your criteria. There are called
trade-offs
resorce frontiers
opportunities
priorities
consumers are powerful because
they have more rights than corporations
they help decide a business's opportunity costs
they drive decisions about what to produce
their interests force producers to heave ethically
consumers are expected to read the full information about a product before making a purchase. This is an example of a consumer;s
opportunities
rights
habits
respobsibilities
which of the following would result in a change in productions possibilities frontier in the mythical country alpha
an influx of immigrants from other countries
the discover or abundance of a abundant natural resource
a long drought
all of the above.
in the mythical country Aloha, an entrepreneur has introduced a new technology hat makes manufacturing tase as efficient as before. How is this like to effect the production possibilities frontier
it would not change the frontier
it would make the frontier smaller
it would expand the frontier
ir would change the shape of the frontier
The amount of output in a specific amount of time with a given mount of resources is referred to as
productivity
human capital
efficiency
investment risk
Division if labor is practice because
companies do not want workers to talk to one another
it increases efficiency by ensuring all that all orders become good at every task
it increases efficiency by ensuring that workers become good at specific tasks
it prevents specialization
Dave gets a job at a grocery store, with pays him an hourly wage in exchange for his labor. Dave is participating in
entrepreneurship
human capital
the product market
the factor market
computers used to produce magazine articles
land
capital
labor
entrepreneurs
the south's rainy season
land
capital
labor
entrepreneurs
a third-grade teacher
land
capital
labor
entrepreneurs
the manager of a car repair shop
land
capital
labor
entrepreneur
developer of a new smartphone app
land
capital
labor
entrepreneurs
