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INTRODUCTION TO ECONOMICS

Total questions: 24

Worksheet time: 14mins

Name
Class
Date
1.
Why does scarcity exist?
a)
Each year workers tend to produce less than previously 
b)
Machines wear out in time
c)
There are not sufficient resources to meet everyone's wants
d)
There is a limit to people's wants 
2.
Why will scarcity continue to be a problem in the future?
a)
Prices will rise
b)
Resources will always be finite 
c)
Needs will decrease in the future 
d)
World population will fall 
3.
What type of factor of production is a road?
a)
Capital
b)
Enterprise
c)
Labour
d)
Land 
4.
What is meant by 'labour' in economics?
a)
Hard physical work used to produce manufactured goods 
b)
Human mental and physical effort used for producing goods and services
c)
Natural resources used in the productive process
d)
Risk taking and organising the factors of production
5.
Which factor of production is the least mobile?
a)
Capital 
b)
Enterprise
c)
Labour
d)
Land 
6.

Which of the following is a free good?

a)

A vaccination provided by the state without charge

b)

Prizes of food items given away by a supermarket

c)

Recycled paper

d)

Wind coming from the sea

7.
What does a production possibility curve show?
a)
The prices of two types of products being produced
b)
The quantity of capital and consumer goods that people would like to be produced
c)
The maximum combination of two types of goods that can be produced with given resources.
d)
The relative profitability of capital and consumer goods 
8.
What does a point outside the PPC represent?
a)
A currently unattainable position 
b)
An inefficient position
c)
The maximum use of resources 
d)
Unused resources 
9.

Which of these is not a decision which is made to solve the basic economic problem?

a)

What to produce

b)

How to produce

c)

Why to produce

d)

For whom to produce

10.

What happens every time we make a decision?

a)

We win!

b)

We incur an opportunity cost

c)

We incur an opportunity loss

d)

We incur an opportunity cost of multiple other options

11.

Define opportunity cost

a)

the value forgone from the all other alternatives

b)

the value forgone from the next two best alternatives

c)

the value forgone from the next best alternative

d)

the value gained from choosing

12.

Which of the below is not scarce resource?

a)

Oil

b)

Sea water

c)

Natural gas

d)

Gold

13.
A market is
a)
a place where buyers and sellers come together
b)
a place where people can buy goods
c)
a place where buyers and sellers come together and agree a price for the exchange of goods and services.
14.
The basic economic problem can never be eliminated.
a)
true
b)
false
15.
A need is
a)
something we have to have in order to survive
b)
something we have to have to make our life better
16.
A want is
a)
something we have to have in order to survive
b)
something we would like to have to make our life better
17.
Which are not a factors of production
a)
land
b)
rent
c)
capital
d)
interest
18.
_______ is another word for Market Economy. 
a)
Capitalism 
b)
Communism
19.
Which of the following would be an example of human capital? 
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike 
c)
Philip Knight, the CEO of Nike 
d)
The land that the Nike headquarters is located on in Beaverton Oregon
20.
 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
21.

Point A is known as ......

a)

More production of coconut oil

b)

Limited production of roads

c)

Inefficient use of resources for the production of coconut oil and roads

d)

The choice of production between coconut oil and roads

22.

Joe has a limited monthly income of $10,000. He has to make tough choices on his monthly expenditure. If he spends $5,000 on a rental, then that is $5,000 he cannot spend on entertainment.


Which expenditure is the opportunity cost?

a)

$5,000 he manages to save every month

b)

$5,000 he spends on rental

c)

$5,000 he cannot spend on entertainment

d)

$10,000 he receives for his monthly income

23.

Below are the concept in economic problems EXCEPT:

a)

Choices

b)

Externalities

c)

Opportunity Cost

d)

Scarcity

24.

Assume an economy that produces meat and apple.


Research and development breakthrough breeds cows best for milk and meat.


What happen to the economic productions of meat and apple?

a)

Apple production increases because more cows means more apples.

b)

PPC shifts outward because production of milk and apple increases.

c)

PPC shifts outward because production of meat increases.

d)

Meat production increases because milk production increases.

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