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WorksheetsMidterm Review
Total questions: 30
Worksheet time: 18mins
What does scarcity mean to humans?
that we have to act irrationally
that we need to use up all our resources for our comfort
that we have to use our resources efficiently so that needs and wants are satisfied
that we have to not use our resources at all because we will run out them if we keep using them
Which among the following is a scarce resource?
trees
water
electronic devices
oil
What is the fundamental economic problem?
People can't get enough but our resources are limited.
Resources are very abundant and we need to use them.
People are figuring out ways to manage resources.
Nobody knows how to divide resources properly.
These are products that need resources in order to create.
economic goods
free goods
renewable goods
expensive goods
Which among the following is an economic good?
a movie
sunlight
heat from an exhaust pipe
rain water
Economics deals with the management of scarce resources to satisfy wants and needs.
True
False
How many factors of production do we have?
1
4
2
3
Gold and oil can be seen as:
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Skilled people working in a motor company will be seen as?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Individuals with great ideas and willing to take risks.
Natural resources
Labour
Capital
Enterprise
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
A programmer's work computer is an example of...
Land
Labor
Entrepreneurs
Capital
Cashiers at the grocery store are examples of ….
Land
Labor
Entrepreneurs
Capital
Sustainability is making sure that the planet and its resources can continue to provide life.
True
False
A resource that can replenish itself is...
Renewable
Non-renewable
Gas, oil and diesel are all examples of...
Renewable resources
Non-renewable resources
Enterprise is the most mobile because...
if you know how to run business, your skills are valuable everywhere
if you have lots of money, businesses will take you in
if you are famous, you will always have job opportunities
if you are an entrepreneur, you never lose money
Geographic mobility refers to:
being able to move from one place to another
being able to change the purpose of a factor
being able to change your job
being used for different things
Who from among the following shows occupational mobility?
A teacher who has taught in many different countries.
A carpenter who can do many other jobs.
An IT expert who has worked in one company all his life.
An ice cream machine that always breaks down.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
This concept means losing the benefit of the product that you did not choose.
scarcity
opportunity cost
mobility of factors
quantity of resources
Connor decided to spend 40 dollars on Adidas shoes. He really liked the Puma shoes but he wanted to have the same Adidas shoes as his brother. What is the opportunity cost of his decision?
Puma shoes
Adidas shoes
40 dollars
his brother's support
Samsung plans to discontinue the Samsung Note Series and focus all their efforts in the production of the Samsung Galaxy S Series. They are willing to give up the S pen and the larger screen of the Note series so they can focus on the better battery and camera of the S Series. What is the opportunity cost?
sales from people who like the S Pen
sales from people who like the Galaxy S Series
sales from people who like better cameras
sales from people who like better batteries
The government is planning to build a football stadium instead of a school in a highly populated neighborhood. What is the opportunity cost of this decision?
students enjoying a decent classroom
people having place to exercise
famous football players entertaining the neighborhood
the cost of maintaining a football field
If farmer A chooses to raise chickens, he can sell a total of 30 chickens at the end of the season. If he decides to raise ducks instead, he can sell 15 ducks at the end of the season. A duck sells for 30 dollars while chickens are 15 dollars each. He spends 150 dollars for corn to feed the animals no matter what he decides to raise. He chose to raise chickens. Which statement is true?
The opportunity cost to raise chickens is 450 dollars.
The opportunity cost to raise chickens is 225 dollars.
The opportunity cost to raise chickens is 150 dollars.
The opportunity cost to raise chickens is 30 dollars.
