Worksheets11th/12th Economics Ch. 1 Lesson 1B & 1C
Total questions: 15
Worksheet time: 10mins
Goods and services that bear a positive economic cost are known as:
nuisance goods/services
economic goods/services
free goods/services
positive goods/services
What are some examples of nuisance goods?
broken down cardboard
garbage
used motor oil
eyeglasses
Which type of value says that an item is more valuable based on its scarcity and the labor that went into its production? (Louis Vuitton clothing)
subjective
intrinsic
objective
economic
Which type of value says that an item is more valuable based on its usefulness (a yacht on an island vs. a yacht in the desert)
intrinsic
subjective
objective
economic
True of False:
Opportunity Benefit vs. Opportunity Cost is basically the concept of weighing the pros and cons of an economic situation
true
false
Read the scenario. Then choose which concept it depicts:
Bob backed his car into a tree and it is undrivable. He was planning on buying concert tickets, but now has to use that money to get his car fixed. On the other hand, the car shop receives the business of repairing the car-which would not be possible without Bob backing his car into a tree.
The Diamond-Water Paradox
The Circle of Life
The Broken Window Fallacy
The Opportunity Benefits and Costs
This is the study that deals with choices made by individual people, individual households, or individual businesses. (*hint: "individual" starts with the letter "i")
macroeconomics
microeconomics
This is the study that deals with large-scale economic choices. (*hint: the "BIG_____" burger at McDonald's)
macroeconomics
microeconomics
Which 3 are examples of MICROeconomics?
Bob choosing to take a job in FL or CA
a couple deciding if they're financially able to start a family
national unemployment rate
a local restaurant opens a 2nd location
Which 3 are examples of MACROeconomics?
looking at why some nation's economies grow faster than other's
a woman debating whether to take a less paying job with a better environment vs a higher paying job and extreme stress
researching the unemployment rate of the country
how changes in government spending affect the economy
Which type of economics is based around facts, cause/effect, and can be proven or disproven?
Positive economics
Normative economics
Which type of economics is based around opinion and value judgements?
Positive Economics
Normative Economics
When a free trial is offered, most people forget to cancel the subscription before the trial ends or they enjoy it so much that they choose to remain subscribed. This method results in high amounts of new subscriptions.
Is this Positive or Negative Economics?
(a)
All restaurants in the mall food court should offer a free sample in an effort to gain people's business.
Is this Positive or Normative Economics?
(a)
Carl Menger was a liberal who promoted which ideas: (choose 4)
free trade and market
equality of all individuals
government control of economic affairs
private ownership of property
limited government
