WorksheetsSSEF1 a,b,c,d
Total questions: 10
Worksheet time: 6mins
Which of the following explains why scarcity exists in all societies?
There is inefficiency in getting products to those who want them
Population has out grown production and resources.
Government buys too many services/goods, creating a shortage.
People’s wants are unlimited and resources are limited.
The economic theory of scarcity states that because resources are limited, people have to do which of the following?
pay taxes
share with others
make choices
borrow money
Iron ore (a mineral) that is used to make metal beams would be classified as which of the following productive resources?
capital
Land
Labor
Entrepreneurship
Which of these would be considered human capital?
a milling machine run by a machinist
a computer-assisted drawing software program operated by an architect.
a training course taken by employees of a manufacturing firm.
an assembly line for producing boats.
Janice decides to produce and sell clothing. She leases retail space at a strip mall from James and renovates her guest bedroom into a sewing room with new sewing machines. She also imports cloth and dye from Thailand to help create some original designs. Janice hires five of her friends to help – Kiera, Sarah, Carlos, Kevin, and Chanice. Kiera and Kevin will sew the new designs while Carlos, Sarah, and Chanice will help run the store. Which factor of production does Janice represent?
capital
entrepreneurship
labor
land
When a society invests in education, it improves its standard of living by improving its
labor
capital goods
entrepreneurship
human capital
Which answer choice correctly describes the concept of scarcity?
Producing one good involves neglecting another
Limited resources cannot satisfy unlimited wants.
Societies distribute resources and capital unevenly
Societies cannot produce enough goods for themselves.
Economists say that scarcity is a "relative concept." This means that
the scarcity of resources can change if wants or amounts of available resources change
resources are scarce only in developing countries.
every economic system must undertake central planning.
consumers in capitalist economies do not need to differentiate between needs and wants.
Which of these is NOT an example of a productive resource
farmland
a laborer
money
a tractor
Trey works as a server at a local restaurant. Trey is working hard to save up money to buy an old car his uncle is willing to sell him for $1,500. He is the team captain for his school’s basketball team and attends practice after school each day until 5:30 PM. After practice, he works at the restaurant from 6:00 PM to 10:00 PM. Friday nights are usually when servers earn the best tips, but basketball games are scheduled on Friday nights so he cannot work those shifts. If he quit the team it would only take him two months to save up the money but, without working extra shifts, it will take Trey several extra months to save up for the car.
How does scarcity affect Trey?
Time is scarce so Trey must decide whether to buy the car as soon as possible or to keep his position on the team.
Shifts at the restaurant are scarce so Trey must find a second job in order to save up enough to purchase the car.
Positions on the school basketball team are scarce so Trey must quit his job and practice harder to stay on the team.
His uncle’s car is scarce so Trey must purchase the car before demand causes the price of it to rise significantly.
