WorksheetsWhat is Econ & Allocation Methods
Total questions: 25
Worksheet time: 15mins
Allocation means
not enough / limited in quantity
things that are tangible
to distribute
things that are intangible
scarce or scarcity means
not enough / limited in quantity
things that are tangible
to distribute
things that are intangible
Receiving an oil change is receiving a
good
service
Olympic games are this is best described as using this allocation method:
first come, first serve
contest
need-based
brute force
Unlimited Wants is represented by
k + 1
w + 1
n = 1
n + 1
scarcity is made up of these TWO components:
scarcity
unlimited wants
limited resources
goods and services
Animals are really this type of a resource:
Land
Labor
Capital
Entrepreneur
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:
first come, first serve
auction
need based
brute force
A good is/are
not enough / limited in quantity
things that are tangible
to distribute
things that are intangible
Receiving a haircut is receiving a
good
service
Minerals are really this type of a resource:
Land
Labor
Capital
Entrepreneur
Ladies night at the club is best described as using this allocation method:
first come, first serve
auction
personal characteristics
authority
Receiving an iphone is receiving a
good
service
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 ...)
exercise
sleeping in
being healthier
praying
Humans who work for another person or company are really this type of a resource:
Land
Labor
Capital
Entrepreneur
A service is/are
not enough / limited in quantity
things that are tangible
to distribute
things that are intangible
Purchasing a book is buying a
good
service
When another country invades another and takes over its resources, this is best described as using this allocation method:
first come, first serve
auction
personal characteristics
brute force
Tools are this type of a resource:
Land
Labor
Capital
Entrepreneur
Machines are this type of a resource:
Land
Labor
Capital
Entrepreneur
Humans are either one of two types of resources (PICK TWO)
Land
Labor
Capital
Entrepreneur
Waiting in line for Black Friday is best described as using this allocation method:
first come, first serve
auction
personal characteristics
authority
unlimited wants is also known as this "equation"
(a)
TINSTAAFL : What does this mean??
(a)
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
video games
sleep
work
graduation
