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WorksheetsScarcity through P.P.F. Review
Total questions: 20
Worksheet time: 3600secs
Name
Class
Date
1.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
2.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods are tangible and services are not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
3.
Our economic decisions are based off of our personal opinions and perceptions of goods and services. These are known as:
a)
Opportunity Costs
b)
Values
c)
Value Judgments
d)
Trade Offs
4.
An economic decision between two (or more) goods/services is known as a:
a)
Value Judgment
b)
Trade Off
c)
Scarcity
d)
Opportunity Cost
5.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
6.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision
b)
The price you pay to purchase something
c)
The benefit you gain by making a decision
d)
The amount of debt you take on by making a decision
7.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
8.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
9.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
10.
All natural resources that go into the production of a good or service:
a)
Capital
b)
Entrepreneurship
c)
Land
d)
Labor
11.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
12.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
13.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
14.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam
b)
making a B on the exam
c)
Losing one hour of sleep
d)
gaining one hour of sleep
15.
The opportunity cost of increasing production from 4 to 7 boats is
a)
1 boat
b)
2 boats
c)
2 trucks
d)
3 trucks
16.
The opportunity cost of increasing production from 7 to 9 trucks is
a)
Scarcity
b)
2 boats
c)
2 trucks
d)
3 boats
17.
What does Point Y represent on the Production Possibilities Frontier?
a)
Efficiency
b)
Unattainability
c)
Inefficency
d)
Nothing
18.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Productive inefficiency
d)
Productive efficiency
19.
What is the cost of moving from Point A to Point C?
a)
200 Computers
b)
100 Computers
c)
100 Cars
d)
200 Cars
20.
What does Point B on the Production Possibilities Frontier represent?
a)
Efficiency
b)
Unattainability
c)
Underutilization
d)
Inefficiency
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