WorksheetsFBLA economics
Total questions: 15
Worksheet time: 8mins
______ is a cost that you have already incurred and cannot recover
positive cost
lost cost
negative cost
sunk cost
Being able to do something using fewer resources than other producers require would give you a(n)_________
disadvantage
monopoly
comparative advantage
absolute advantage
______ means producing the maximum possible output from available resources
Maximization
productivity
efficiency
equilibrium
A shift outward of the production possibilities frontier reflects economic ______
growth
weakness
stability
retraction
______ focuses on the performance of the economy as a whole
macroeconomics
microeconomics
gross national product
gross domestic product
Which of the following statements is NOT valid about gross domestic product?
it includes production in the United States by foreign firms
it can be used to compare economies of various countries
it includes production of U.S. firms in foreign countries
it measures production during the year by businesses and individuals
which situation shows the law of diminishing marginal utility at work?
you are willing to pay the same price for every succeeding slice of pizza you purchase
you will only purchase succeeding slices if they cost less
each piece of pizza you purchase gets smaller
you are willing to pay more for every succeeding slice of pizza you order
Trade restrictions usually ______
benefit domestic consumers
increase imports
lower tariffs
benefit domestic producers
______ might cause a shift in the supply curve to the right in the grain business
an increase in the cost of harvesting grain
discovery of a substitute for grain
a technological breakthrough to increase yields
a decrease in the number of farms
the ability of a firm to raise its price without losing sales to competitors is called ________
recession
profit
market power
inflation
which factor is responsible for credit card interest being so high?
abundance of credit cards
lack of collateral on the debt
low administration costs
large line of credit
the largest source of revenue for local governments is from _______
property tax
sales tax
income tax
state and federal aid
disposable income is _______
income before taxes
extra income
inflated income
income after taxes
Of the 24 million businesses in the U.S., most _________
consist of one self-employed person
will grow into larger businesses
employ more than 25 people
will become corporations
The _____ shows how much output U.S. producers are willing and able to supply at each price level
real GDP per capita
aggregate demand curve
aggregate supply curve
equilibrium market
