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Worksheetsintro to Economics
Total questions: 10
Worksheet time: 6mins
The characteristic from which all economic
problems arise is
political decisions.
scarcity.
how to make a profit.
hunger.
Jamie has enough money to buy either a
Mountain Dew, or a Pepsi, or a bag of chips.
He chooses to buy the Mountain Dew. The
opportunity cost of the Mountain Dew is
the Pepsi and the bag of chips.
the Pepsi or the bag of chips, whichever
the best alternative given up.
the Mountain Dew.
the Pepsi because it is a drink, as is the
Mountain Dew.
If the marginal benefit of the next slice of
pizza exceeds the marginal cost, you will
eat the slice of pizza.
not eat the slice of pizza.
be unable to choose between eating or not
eating.
eat half the slice.
When people make rational choices, they
behave selfishly.
do not consider their emotions.
weigh the costs and benefits of their op-
tions and act to satisfy their wants.
necessarily make a decision in the social
interest.
A positive statement...
cannot be negative.
cannot be tested.
can be tested against the facts.
depends on someone’s value judgment.
"Everyone should make saving the environment their number one priority", is an example of a ...
opportunity cost
trade offs
Normative statments
Positive statments
All resources are scarce.
True
False
Society has unlimited wants and limited resources.
True
False
Due to scarcity, choices must be made.
True
False
Every choice has a cost.
True
False
