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WorksheetsSS Quiz 1.2 Reviewer
Total questions: 27
Worksheet time: 19mins
What is a resource in economic terms? Choose all CORRECT answers
Resource is anything that can be used to produce goods and services that address human needs & wants
Resources are also referred to as inputs or factors of production
Option A is correct
None are correct
Choose all the MAIN 4 types of resources
Capital Resources
Natural Resources
Precious Resources
Human Resources
Entrepreneurship
Resources that are drawn from nature and used without much modification are called?
Capital Resources
Human Resources
Resource Conservation
Entrepreneurship
Natural Resources
Natural Resources are classified into
Sustainable and non-sustainable
Renewable and recyclable
Renewable and exhaustible
Renewable and non-renewable
Which resource is renewable?
Oil
Metals
Water
Land
Which resource is non-renewable?
Air
Water
Sunlight
Natural gas
Resources that require mental and physical input into the production process are?
Capital Resources
Human Resources
Entrepreneurship
Natural Resources
Which are Human Resources? Choose all CORRECT answers
Doctor
Chef
Teacher
Miner
Resources that are man-made are?
Human Resources
Natural Resources
Capital Resources
Entrepreneurship
Which of the following is a man-made resource?
Groundwater
Coal
Medicine
Pickaxe
The activity of combining other factors into profit is?
Entreprenuership
Resource Development
Sustainable Development
Resource Conservation
Balancing the need to use resources and also conserving them for the future is called?
Utility
Production Mediation
Economic Growth
Sustainable Development
The difference between scarcity and shortage is?
Scarcity is a natural & perennial condition; shortage is a man-made temporary condition
Shortage only happens with new products
Shortage is a natural & re-occurring condition; scarcity is a man-made condition
Shortage is the fundamental, universal economic problem
The Production Possibility (ies) Frontier illustrates the concepts of?
Choice
Efficiency
Opportunity Cost
Scarcity
Select which assumptions must be TRUE when thinking about Production Possibilities Frontier
The economy produces many goods.
The supply of resources is fixed or constant.
The production technology remains constant.
All resources are fully & efficiently used.
The economy produces only two goods.
True or False: A graph that shows all the different combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed is a Production Possibility Frontier
True
False
Who first developed the idea of opportunity cost and showed its use in 1937?
Gottfried Von Haberler
Franz Joseph
Marie Curie
Gaston Doumergue
Any point along the curve shows choice.
Which point along the curve shows this economy choosing to produce 800 hot dogs and 600 burgers?
(a)
Movement along the curve shows opportunity cost of producing an additional unit of each good.
From points A to B what is the opportunity cost of producing an extra hundred burgers?
(a)
The PPF represents efficiency in the use of society’s scarce resources, as inputs are neither wasted or underemployed.
Which point on the curve shows the economy is not being efficient because it has not reached the maximum production given its available resources?
(a)
Any point outside of the PPF shows an impossibility.
Which point shows an impossibility?
(a)
Choose the options that can help reduce scarcity.
Economic growth
Improve use of resources
Reduce expectations
This type of economic resource allow for increased work productivity and, consequently, the faster production of goods and services.
Labor
Entrepreneurship
Capital
Land
True or False:
The notion of sustainable development recommends the preservation or non-utilization of finite resources.
True
False
True or False:
A country's stock of capital resources is directly related to its savings rate. Meaning, the higher the country's savings, the more capital resources it can produce.
True
False
True or False:
The idea of opportunity cost is directly linked to the third economic principle which states that, "Rational people think at the margin."
True
False
Which of the following DOES NOT constitute a right response to the central problem of scarcity?
Increase the price of goods in order to reduce the demand for them, as well as reduce the rate of inflation.
Expand the productive capacity of the economy by developing, and building upon its available resources.
Aim for the sustainable use of resources in order to satisfy our needs and preserve our environment.
Reduce our expectations and learn how to live a simple and frugal life to reduce the stress on our available resource
