wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

What is Econ & Allocation Methods

Total questions: 25

Worksheet time: 15mins

Name
Class
Date
1.

Allocation means

a)

not enough / limited in quantity

b)

things that are tangible

c)

to distribute

d)

things that are intangible

2.

scarce or scarcity means

a)

not enough / limited in quantity

b)

things that are tangible

c)

to distribute

d)

things that are intangible

3.

Receiving an oil change is receiving a

a)

good

b)

service

4.

Olympic games are this is best described as using this allocation method:

a)

first come, first serve

b)

contest

c)

need-based

d)

brute force

5.

Unlimited Wants is represented by

a)

k + 1

b)

w + 1

c)

n = 1

d)

n + 1

6.

scarcity is made up of these TWO components:

a)

scarcity

b)

unlimited wants

c)

limited resources

d)

goods and services

7.

Animals are really this type of a resource:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

8.

When we look at entitlement programs such as SNAPS/EBT, Section 8 Housing, or Pell Grants, this is best described as using this allocation method:

a)

first come, first serve

b)

auction

c)

need based

d)

brute force

9.

A good is/are

a)

not enough / limited in quantity

b)

things that are tangible

c)

to distribute

d)

things that are intangible

10.

Receiving a haircut is receiving a

a)

good

b)

service

11.

Minerals are really this type of a resource:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

12.

Ladies night at the club is best described as using this allocation method:

a)

first come, first serve

b)

auction

c)

personal characteristics

d)

authority

13.

Receiving an iphone is receiving a

a)

good

b)

service

14.

Siddiqui wants to exercise early in the morning to be healthier and to pray, but instead she slept in. The opportunity cost of sleeping in is ... (pick more than one ...)

a)

exercise

b)

sleeping in

c)

being healthier

d)

praying

15.

Humans who work for another person or company are really this type of a resource:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

16.

A service is/are

a)

not enough / limited in quantity

b)

things that are tangible

c)

to distribute

d)

things that are intangible

17.

Purchasing a book is buying a

a)

good

b)

service

18.

When another country invades another and takes over its resources, this is best described as using this allocation method:

a)

first come, first serve

b)

auction

c)

personal characteristics

d)

brute force

19.

Tools are this type of a resource:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

20.

Machines are this type of a resource:

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

21.

Humans are either one of two types of resources (PICK TWO)

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

22.

Waiting in line for Black Friday is best described as using this allocation method:

a)

first come, first serve

b)

auction

c)

personal characteristics

d)

authority

23.

unlimited wants is also known as this "equation"

(a)  

24.

TINSTAAFL : What does this mean??

(a)  

25.

In order to graduate one has to pass Economics. But instead, students chose to sleep, work and play video games. The opportunity cost of not passing Economics is

a)

video games

b)

sleep

c)

work

d)

graduation