WorksheetsEconomics - Chapter 1
Total questions: 25
Worksheet time: 13mins
Economics is the...
study of echolocation
study of the natural resources
study of how microphones work
study of how to use scarce recourses to satisfy unlimited needs
The study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants.
macroeconomics
microeconomics
economics
technology
What is a need?
A car
Something that is essential to survival
Something you would like to have
An ice cream
What is a want?
Food
Something we would like to have but is not essential
Water
Something essential for survival
Which of the following is NOT a service?
Dry Cleaner
Car Wash
Clothes
Babysitting
Which ones are Free Good?
Car
Oil
Rain water
Air
When their is a limited amount of resources available, it is called _______
supply
need
opportunity cost
scarcity
Which of the following is NOT one of the three basic questions of economics?
What goods should be produced ?
What is the price of the goods?
How should the goods be produced?
Who gets to consume the goods?
Which of the following is one of the four factors of production?
productivity
goods
entrepreneurship
services
The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.
land
capital
entrepreneurship
labor
Work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment.
Wealth
Goods
Scarcity
Service
Land owner earns ___________.
interest
rent
wages
profit
The growing and cutting down of the trees to produce a book is a __________ industry.
Secondary
Tertiary
Land
Primary
All economic choices involve _________________.
trade-offs
destruction of resources
shortages
tax dollars
Which of the following descriptions best explains the meaning of opportunity cost?
the risk associated with producing a new item
the cost of business failure
the cost of choosing one alternative over another
the dollar value of the item.
Which of the following is a visual aid that helps a business determine how best to use its resources?
opportunity cost
trade-off
production possibilities curve
scarcity
Graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time.
economics
opportunity cost
technology
production possibilities curve
Why would you want to produce a production possibilities curve?
to show different ways a countries resources can be used
show the benefits of using 1 type of technology over another
to improve the way a product is manufactured
to reduce the scarcity of resources and labor
Which point is unattainable (impossible)?
A
B
C
D
Which point is inefficient (not all resources are employed)?
A
B
C
D
Which point is efficient (resources are being fully employed)?
A
C
D
A powerful storm hits the country and destroys factories and buildings. What happens to the PPC?
the PPC shifts outward
the PPC shifts inward
the PPC does not change
There has been advancement in technology in the country, which means the productivity have increased. What happens to the PPC?
the PPC shifts outward
the PPC shifts inward
the PPC does not change
