Worksheetsfirst partial / Economy
Total questions: 20
Worksheet time: 40mins
1) What is economic?
a) The study of the choices people make to satisfy wants and needs with a limited supply of resources
b) The study of the price of goods and services
c) The study of satisfy wants and needs
d) Is the resources
2) In economics, what is the service?
a) The resources
b) An action provided to us
c) A product
d) A study the action
3) In economics, what is good?
a) The resources
b) A physical product we can hold and touch
c) a service
d) a study the action
4) In economics, what is a resource?
a) Anything used to get or create goods and services
b) Service
c) Products
d) The study of the action
5) Examples of microeconomics
a) Inflation, economic growth and unemployment
b) Inequality in distribution of income
c) Profits, price, demand
d) All
6) Examples of macroeconomic
a) Consumer behavior
b) Government taxation of Harmful products
c) Inflation, economic growth
d) All
7) Examples of economic issues
a) Internal economic
b) External economic
c) Covid-19
d) Demand
8) Principles of economics:
a) Scarcity
b) Opportunity cost and benefit cost
c) Comparative advantage
d) All
9) Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
a) True
b) False
10) The goods and services of any country aren’t limited, which can lead to scarcity.
a) True
b) False
11) A cost-benefit analysis is a systematic process that businesses use to analyze which decisions to make
a) True
b) False
12) Before building a new plant or taking on a new project, prudent managers conduct a cost-benefit analysis to evaluate all the potential costs and revenues that a company might generate from the project.
a) True
b) False
13) Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
a) True
b) False
14) Opportunity Cost=CO−FO
a) True
b) False
15) Comparative advantage isn’t an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
a) True
b) False
16 ) The production possibility frontier (PPF) isn’t a visual representation used to illustrate the maximum possible output combinations of two separate products that can be produced using the same amount of limited resources.
(Johnson Peter, 2022)
a) True
b) False
17 ) The circular flow model demonstrates how money moves through society.
a) True
b) False
18) An economy is an endless circular flow of money.
a) True
b) False
19) Money flows from producers to workers as wages and flows back to producers as payment for products
a) True
b) False
20) Money doesn’t flows from producers to workers as wages and flows back to producers as payment for products
a) True
b) False
