NEW
Font size
S
M
L
XL
WorksheetsUnit 1 Test Review- Fundamentals
Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
Which factor of production would lumber represent?
a)
outward, to the right
b)
Capital (physical capital)
c)
negative incentive
d)
Land (natural resource)
2.
Which factor of production would an oven represent?
a)
government (also called central planners)
b)
Capital (physical capital)
c)
loss of productive resources or breakdown in technology
d)
mixed economy
3.
What is another term for a "land" resource?
a)
Natural Resource
b)
profit
c)
Capital Resource
d)
economic growth; increase in resources and technology
4.
In this type of decision, the marginal benefits exceed the marginal costs
a)
Rational Decision
b)
mixed economy
c)
soft skills
d)
Capital (physical capital)
5.
Unlimited wants and limited resources- the basic economic problem
a)
Scarcity
b)
supply and demand
c)
Capital (physical capital)
d)
Natural Resource
6.
an incentive that either increases costs, enforces penalties, or reduces benefits, resulting in a decrease in the activi
a)
first come, first served
b)
supply and demand
c)
negative incentive
d)
profit
7.
allocates resources to those who are first in line
a)
outward, to the right
b)
first come, first served
c)
human capital
d)
Capital Resource
8.
The most desirable alternative given up as the result of a decision (ex. Spending $10 on gas instead of the movies, the
a)
opportunity cost
b)
profit
c)
money/wages
d)
Capital Resource
9.
In market economies, _________ ___ _________determines pricing.
a)
Natural Resource
b)
supply and demand
c)
money/wages
d)
soft skills
10.
Who decides what goods and services will be produced in a command economy?
a)
outward, to the right
b)
government (also called central planners)
c)
economic growth; increase in resources and technology
d)
negative incentive
11.
In this type of economy, both the government and supply and demand determine pricing
a)
opportunity cost
b)
Natural Resource
c)
outward, to the right
d)
mixed economy
12.
a person's skills, education, training- one of the ways businesses and nations invest in productivity
a)
Capital (physical capital)
b)
government (also called central planners)
c)
human capital
d)
loss of productive resources or breakdown in technology
13.
Increases in productive resources and technology will cause a PPC curve to shift _____________________
a)
first come, first served
b)
profit
c)
outward, to the right
d)
Land (natural resource)
14.
Investing in the education and skills of people is an investment in this
a)
loss of productive resources or breakdown in technology
b)
first come, first served
c)
human capital
d)
soft skills
15.
this is illustrated when you have an outward shift in the PPC (production possibilities curve)
a)
Rational Decision
b)
profit
c)
economic growth; increase in resources and technology
d)
mixed economy
16.
Successful business owners/entrepreneurs make this
a)
money/wages
b)
outward, to the right
c)
profit
d)
government (also called central planners)
17.
What causes shifts to the left (inward shift) on a PPC?
a)
economic growth; increase in resources and technology
b)
first come, first served
c)
Capital Resource
d)
loss of productive resources or breakdown in technology
18.
Increasing human capital increases GDP, because the more education and skills, the more _____________ you earn.
a)
negative incentive
b)
soft skills
c)
mixed economy
d)
money/wages
19.
The tools, equipment, and buildings that are used to produce goods and services
a)
economic growth; increase in resources and technology
b)
outward, to the right
c)
Capital Resource
d)
Land (natural resource)
Reset
