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Total questions: 35
Worksheet time: 1hrs 2mins
Other things being equal or constant.
Ceteris paribus
Citiris paribus
Ceteris parebus
Ceteris paribous
An item is considered to be scarce if it is
limited
expensive
accessible
cheap
Economics is considered a ............ science? Choose the answer to fill in the blanks.
interesting
astronomical
people
social
Which of the following is the the branch of economics that deals with the economy as a whole?
Macroeconomics
Microeconomics
Consumption Economics
Financial Economics
Microeconomics is the study of how ....... household and firms makes decisions and interact with the markets. Select the missing word.
groups
macroeconomics
individual
large
Economics is the study of how man allocates scarce resources to produce goods and services to satisfy consumers........wants and needs.
unlimited
rare
limited
desired
Which study of economics deals with issues such as the price rises across the country?
Modern
Macroeconomics
Historical
Microeconomics
An economy is a system?
True
False
The 3 major economics agents are?
households, governments , groups
households, governments, firms
individuals, society, groups
individuals, governments, society
The government is the private sector
True
False
Firms are the private sector
True
False
Which is 1 of the 2 assumptions of the household?
The household is a single decision making unit
Households provide a framework for rules and laws
Households own the factors of production
Households are related to the goods and services
Select the statement that is true about the government
Government are not involved with laws
The government provides a framework of rules and laws for the households and firms to operate within
The government does not provide the framework and laws to produce goods
The government is never involved in production of goods and services
A firm is a decision making unit
True
False
This economy falls between pure market and pure command. It has some government regulation.
market economy
traditional economy
mixed economy
command economy
In this economy government answers all the economic questions.
Market economy
Command economy
traditional economy
mixed economy
What is the definition of a need?
something you would like to have
something you have to have to live
when the item that you want is hard to find
the amount of people who want to purchase an item
What is the definition of a want?
the good things about a choice
the amount of item that a store has in stock
what you must pay for an item
something you would like to have
Which of the following is an example of a natural resource?
a computer
a police officer
sewing machine
cotton
Which of the following is an example of a capital resources?
sewing machine
police officer
cotton
trees
What is the definition of scarcity?
the good things about a choice
what you must pay for an item
when the item you want is hard to find
an extra reason to purchase something
If bananas are scarce this time of year, which statement would be true?
the supply of bananas is low
the demand for bananas is low
the stores have too many bananas
the supply of bananas is high
Billy was trying to make a choice between a new game for his Wii or a new skateboard. He decided to use his money to buy a new game for his Wii. He had to give up the skateboard for the Wii game. The skateboard was his
scarcity
benefit
opportunity cost
Consumers
use and pay for goods and services
make or grow goods and sell services
want to grow goods and sell services
are people who live in neighborhoods
Which is NOT an example of opportunity cost:
giving up the opportunity to go to McDonald's to save your money for ice skating.
ice skating AND going to McDonald's
choosing waffles INSTEAD of eggs
deciding to take gymnastics class INSTEAD OF art class
Which is NOT an example of specialization?
a special awards assembly with the principal at TCE
a Toyota factory where workers add different car parts on an assembly line
Kroger, where different bakers add their specialties to the gingerbread houses (one the icing, one the sprinkles, and so forth)
