WorksheetsUnit 2 Review
Total questions: 25
Worksheet time: 17mins
What part of the economic spectrum would you find North Korea?
On the left
On the right
In the middle
It is traditional so it is not on the spectrum
Ideally, we wouldn’t have separate classes such as rich, middle class, and poor.
capitalism
socialism/communism
mixed ecnomy
Quality and wide variety of products would not be possible without a free market system.
capitalism
socialism/communism
mixed economy
If you regulate businesses, it will stifle (stop) growth and innovation.
capitalism
socialism/communism
mixed economy
As the opportunity cost of college increases compared to the benefits, a person is
more likely to attend college
less likely to attend college
unaffected by the change
cannot predict
The marginal cost of something is
never greater than the marginal benefit
the opportunity cost minus the actual cost
the cost to produce one additional unit
an intangible resource
If your parents offer you cash for every A on your report card, that is an economic example of
an incentive
a bribe
marginal cost
a trade-off
Labor referred to
physical talents
physical and mental talents
goods that can be used as resources for production
foreign workers
Which of the following is scarce?
resources
clothing
cars
all of the above
Economists believe that people respond to
politicians
incentives
theories
unlimited wants
Unlimited wants and limited resources.
scarcity
opportunity cost
self-interest
profit motive
Households are
buyers in resource markets and sellers in product markets
buyers in product markets and sellers in resource markets
buyers in resource markets and product markets
sellers in resource markets and product markets
Firms are
buyers in resource markets and sellers in product markets
buyers in product markets and sellers in resource markets
buyers in resource markets and product markets
sellers in resource markets and product markets
A shortage occurs when
Price is set below equilibrium and quantity demanded>quantity supplied
Price is set above equilibrium and quantity demanded<quantity supplied
Price is at equilibrium and quantity demanded=quantity supplied
A surplus occurs when
Price is set below equilibrium and quantity demanded>quantity supplied
Price is set above equilibrium and quantity demanded<quantity supplied
Price is at equilibrium and quantity demanded=quantity supplied
Total Revenue (minus) Explicit and Implicit cost =
Accounting Profit
Economic Profit
Economic Cost
Total Profit
Marginal =
Next
Additional
Profit
