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WorksheetsEconomic Concepts (icevonline)
Total questions: 10
Worksheet time: 10mins
Which of the following types of utility enhances value by creating more useful or desirable products out of raw materials or separate parts?
Form
Information
Possession
Time
Current events can impact personal financial decisions, particularly through the stock market?
True
False
A country possessing unique resources or capabilities to allow the lowest cost of production for a product is known as which of the following?
Absolute Advantage
Comparative Advantage
Which of the following is NOT one of the basic economic questions listed in the presentation?
What goods and services do we produce
How do we produce those goods and services
When will we produce those goods and services
Who should benefit from the goods and services produced
Gross National Income includes all of the income earned by a country’s residents and businesses including those earned abroad.
True
False
Protection for business, individuals and resources are NOT provided by which of the following types of government departmental regulation?
EEOC
FDA
NHAC
OSHA
When companies are understaffed employees can become overworked, cause a hostile work environment and increase the time of production.
True
False
An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following?
Capitalism
Communism
Free enterprise
Socialism
When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced?
Demand
Equilibrium
Shortage
Surplus
Unprofitable firms negatively affect the economy by increasing the job market and increasing salaries and benefits.
True
False
