WorksheetsApplied Economics Q#1
Total questions: 10
Worksheet time: 10mins
Economics is best defined as the study of how people, business, governments, and society. Which is the best answer in the choices given?
Attain wealth
Choose abundance over scarcity
Make choices to cope with scarcity
Use their infinite resources
Which is the most accurate definition of the study of economics? Economics is the study of ___________?
Affluence in a morally bankrupt world
How society uses its limited resources and deals with the production, distribution, and consumption of goods and services
The distribution of surplus goods to those in need
Ways to reduce wants to eliminate the problem of scarcity
Scarcity requires that people must _____________.
Complete
Cooperate
Efficiently allocate the scarce resources to meet the needs of the people
Trade
Which of the following actions is an example of an improvement in human capital?
Carlos hires three workers for his business.
Frank’s Furniture trains employees to use computers.
Tasha applies for a job as an engineer.
The city of Upland builds a new nursing home
Economist points out that scarcity confronts _____________.
Both the poor and the rich people
Neither the poor nor the rich people
The poor but not the rich people
The rich but not the poor people
Economics deals with graphs in interpreting results. This means that economics is ___________?
Economics as an Art
Economics as Applied Science
Economics as Normative Science
Economics as Social Science
Labor, human capital, entrepreneurship, natural resources and capital are all examples of _________________.
Factors of production
Outputs
Public goods
Substitute in production
The ultimate resource in economic development is __________. It is _____________, not capital or raw materials that develops an economy.
(a)
Which of the following constitute the fundamental questions every economic system must answer?
I. What goods will be produced?
II. How will they be produced?
III. When will they produced?
IV. For whom will they be produced?
V. Where will they produced?
When an economy produces more houses and fewer computers, it is answering the question of ____________?
“For Whom”
“How”
“What”
“Where”
