Worksheets5.01 Economics Concepts (DT)
Total questions: 18
Worksheet time: 9mins
You and your best friend own a salon. You specialize in hair and your best friend specializes in nails. You do not pay for nails and they do not pay for hair cuts. This is called:
scacity
exchange
trade off
none of the options
Select the example of economic service.
car stereo
sports equipment
concert ticket
none of the options
Florida's citrus crops were destroyed in 2010. This likely created:
pure competition
a seller's market
buyer's market
no impact
As we study employment, one factor that could limit availablity in certain jobs is:
inadequate pay level
good safety
organized training programs
none of the options
What limits our natural resources?
people lacking training
people lacking skills needed
the earth has boundaries
none of the options
Which is an external factor that impacts market pricing?
number of the items in stock
credit terms
consumer buying power
none of the options
Dave's Dry clearners in Cornelius launders and presses clothing. The are selling:
tangible items
services for consurmers
industrial supplies
specialty goods
If prices increase, produces usually
decrease supply
increase supply
remain the same on productivity
none of the options
Prices are likely to rise in which situation?
Animal rights activitis march in front of a fur store
Insects destroy a large cotton crop
A social media post describes poor service for a company
none of the options
Which change provides the most time utility for a consumer?
asking for early delivery
shopping for a product in the morning
staying open for business on the weekend
none of the optons
What occurs when the supply of individuals who are able and willing to work decreases?
capital goods are unlimited
human resources are unlimited
human resources are limited
none of the options
Equllibrium price of a good or service is determined by trial an error. This exist when:
the amount supplied is equal to the amount demanded
the amount supplied is higher than the amount demanded
businesses show what the market will tolerate
none of the options
Select the groups of words that best describes wants.
limited, changing, and compensating
unlimited, changing, and competing
unlimited, unchanging, and compensating
none of the options
Today most businesses begin to sell Winter Holiday decoration staring in late autumn. This creates which utility?
place
time
form
possession
Which is a natural resource that can be renewed through people's efforts?
water
none of the options
crude oil
trees
Which is a noneconomic want?
food and beverages
a new car
Jordans
a walk in the park
If a product is useful to us (consumers). It is referred to as product
allocation
utility
consumption
none of the options
With Frank 1,000 acres, he plants peach trees on 800 acres and raises cows on the remaining 200. If he wants to raise more cows, he would have to reduce the amount of land alloted to growing peaches. This is an example of:
none of the options
opportunity cost
utility
distribution
