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WorksheetsEconomic Choices
Total questions: 21
Worksheet time: 16mins
Which of the following is an exhaustible resource?
crude oil in the ground
corn growing in a field
water in the ocean
fish in a river
Goods and services have value because they
are expensive
use economic resources
satisfy people’s wants and needs
are sold for money
The reason scarcity exists is
people do not make the right choices
people want more goods and services than can be produced
some people are rich, some people are poor
people make choices based on wants and needs
Which of the following is an example of an economic good?
a nurse taking your temperature
a receptionist scheduling your next doctor’s appointment
a doctor taking a patient’s blood pressure
a prescription for blood pressure medication
What do economic theories do?
make predictions about economic behavior in the real world
determine how the economy will behave over the next year
guarantee methods used to produce goods and services
determine prices of goods and services
What drives people to make economic decisions?
concerns about scarcity
concern for their community
rational self-interest
the economic problems of the nation
Which of the following is a normative statement?
Ralph works an average of 35 hours a week.
Ralph works too many hours a week to do well in school
Ralph is paid $ 8.30 an hour for his labor as a cashier.
Ralph pays 10 percent of his wages in health insurance
Jack can choose to play a round of golf at Arrowhead Golf Course with his friends on Saturday morning or hangout with his girlfriend. Jack chooses to play golf. He will pay $30 to tee off and $50 to rent a golf cart. What is Jack’s opportunity cost?
$80.00
a round of golf
time spent with his girlfriend
three hours of exercise
The physical and mental effort put into producing goods and services is
labor
scarcity
marginal cost
opportunity cost
Which of the following is necessary in developing economic theory?
never assume that people make rational choices based on self-interest
assume all factors are variables and change constantly
simplify the problem
all choices
Studying which of the following is an example of macroeconomics?
a student buying school supplies
amount of oil used to heat the homes of all Americans
a mom buying groceries at Acme
amount of gasoline used by a Daniel Boone senior to drive to school
Which of the following is an example of an economic service?
a Michelin tire
a car jack
a tire air gauge
a mechanic changing a flat tire
John pays $100 for a ticket to the Phillies game at Citizens Bank Park. Thirty minutes after the game starts John walks out because the Phillies have allowed the Atlanta Braves to score six home runs in the first inning. John has lost $100 and the time spent at the game. Which of the following best describes John’s cost?
opportunity cost
sunk cost
comparative cost
marginal cost
Which statement concerning rational self-interest is True?
consumers buys products that are expected to maximize their satisfaction
the lower your personal cost of helping others, the more help you will offer
consumers make the best choice possible with available information
all choices
Jack buys and eats three slices of pizza at $1 each. Jack is still hungry so he decides to buy a fourth slice for another $1. This is an example of
Sunk cost
Marginal benefit/marginal cost
Normative theory
No Free Lunch
The study of how people use scarce resources to satisfy their unlimited wants and needs is called
civics
scarcity
economics
marginal benefit
Studying which of the following is an example of microeconomics (market)?
Healthcare services increased by 3% for residents of Berks County in April, 2021
Starbucks sold 1 billion more Cappuccinos in 2020 than 2019
Fuel costs across the US dropped by 8% during the Covid 19 pandemic
The Federal Reserve will raise the federal interest rate by .5% to stem rising inflation rates
All goods and services involve a cost to someone. Scarce resources used for one good cannot now be used for another. This concept is
No free lunch
sunk cost
opportunity cost
rational self interest
All human creations used to produce goods and services
natural resources
human resources
entrepreneurs
capital resources
Most of the disagreements among economists involves debates over positive statements.
True
False
The opportunity cost you would incur for cleaning your room would probably be different on Saturday evening than on Tuesday afternoon
True
False
