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WorksheetsPop Quiz for the new year
Total questions: 15
Worksheet time: 11mins
What would cause an increase in the problem of scarcity?
A reduction in resources
A reduction in wants
A rise in productivity
A rise in the mobility of resources
What is meant by investment in human capital ?
encouraging immigration of people of working age
paying bonuses to workers to encourage them to increase their output
spending money and time on educating and training workers
upgrading the machines labour works with
Which item is a factor of production ?
the food a farmer produces
the satisfaction a farmer gains from his work
the tractor a farmer drives
the wages a farmer pays his workers
Which form of air is an economic good?
Air at ground level
Air from an air conditioning system
Air above an ocean
Air in a tropical rainforest
Which item used in the production of textiles by a firm would an economist classify as land?
Sewing machines
The factory
Untrained workers
Water taken from a river
What might be the opportunity cost of using a bus to transport students to school?
Increasing the earnings of the bus company
paying the wages to the driver
paying for the cost of petrol used
transporting a group of retired people on a day out
What is meant by 'labour' in economics ?
Hard physical work used to produce manufactured goods
human mental and physical effort used in producing goods and services
natural resources used in the productive process
risk taking and organising the factors of production
What does a production possibility curve to show?
the maximum combination of two types of products that can be produced with given resources
the prices of two types of products being produced
the quantity of capital and consumer goods that people would like to be produced
the relative profitability of capital and consumer goods
Which combination of economic concepts is illustrated by a production possibility curve?
Cost and price
Demand and price
Economic goods and free goods
Opportunity cost and scarcity
Four firms can produce soap and perfume. The table below shows the maximum number of bars of soap and bottles of perfume, that each firm can make each day if they speacialise in one type of product. Which firm has the lowest opportunity cost in producing perfume?
Firm W
Firm X
Firm Y
Firm Z
Which type of factor of production are a football stadium and an owner of a football club?
A
B
C
D
What does a point outside a production possibility curve represent ?
A currently unattainable position
An inefficient position
The maximum use of resources
Unused resources
Which feature is a characteristic of a market economy?
Government planning plays a key role in the economy
Producers respond automatically to changes in consumer demand
Resources are allocated according to need
there is always full employment
What is mixed economy ?
One in which both capital and consumer goods are produced
One in which both necessities and luxuries are produced
One in which there is both an agricultural and a manufacturing sector
One in which there is both a private and a public sector
A country changes from a planned economy to a market economy. What effect will this have ?
a decrease in government officials
a decrease in the role of the price mechanism
an increase in the state ownership of resources
an increase in the output of public goods
