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Unit One: Introduction to Econ Review

Total questions: 51

Worksheet time: 37mins

Name
Class
Date
1.

You are a detective in a mystery novel. You have a list of suspects, each with their own alibis and motives. However, you only have limited clues and time to solve the case. This situation is similar to what economic concept?

a)

Giving up one suspect to focus on another

b)

Extra time spent on investigating a suspect

c)

The condition that results from having unlimited suspects but limited clues and time

d)

Rise in the number of suspects and you need more time to investigate

2.

You find yourself in a mysterious room with four doors. Each door leads to a different outcome. What does your choice of door represent?

a)

The act of picking or deciding 

b)

The best option possible

c)

When something is very good

d)

When someone has no say in a matter

3.

In a game of mystery, you found a chest in a hidden cave. The chest contains Oil, Water, a Car and Air. Which of these is NOT a natural treasure you would expect to find?

a)

Oil

b)

Water

c)

Car

d)

Air

4.

A detective agency is setting up their new office. They are deciding on what resources to invest in. Which of the following would be considered a capital resource for their agency?

a)

Wood

b)

Computer

c)

Labor

d)

Knowledge

5.

I am a secret agent who specializes in creating maps and crafting tacos. If I am assigned to a mission that requires me to spend all my time crafting tacos, what is my opportunity cost? 

a)

Tacos

b)

Maps

6.

In this mysterious treasure map, which location is the most efficient to find the hidden treasure? 

a)

Location A

b)

Location C

c)

Location D

d)

None of the above

7.

In a mysterious land, there are four points on the Production Possibility Curve (PPC). Which point is considered inefficient?

a)

Point A

b)

Point B

c)

Point C

d)

Point D

8.

In the mystery of the Production Possibility Curve, which clue is impossible to find?

a)

Clue A

b)

Clue B

c)

Clue C

d)

Clue D

9.

In a mysterious land, all decisions about the economy are made by a single, enigmatic figure. What type of economy does this land have?

a)

Command

b)

Market

c)

Mixed

d)

Traditional

10.

A mysterious island has a unique system where public and private businesses coexist. What type of economic system does this island follow?

a)

Command

b)

Market

c)

Mixed

d)

Traditional

11.

A mysterious billionaire has a peculiar interest in how people utilize ________________ to fulfill their desires and necessities

a)

abundant assets

b)

limited assets

c)

abundant commodities

d)

limited commodities

12.

In a mysterious land, the inhabitants are always in need due to the lack of enough resources to fulfill their desires. What is this situation called?

a)

Opacity

b)

Bounty

c)

Scarcity

d)

Productivity

13.

You walk into a mysterious shop filled with various items. These physical objects that you can purchase are known as?

a)

Goods

b)

Services

c)

Wants

d)

Needs

14.

A mysterious person performed a task for another individual and received payment in return. This scenario is an example of what?

a)

Goods

b)

Services

c)

Wants

d)

Needs

15.

A mystery novel writer is planning to write a new book based on the economy of a fictional city. What major questions should the writer address in the book? Check all that apply.

a)

What goods and services will be produced in the city?

b)

When will the goods and services be produced?

c)

Will the goods and services be produced at all?

d)

How will the goods and services be produced?

e)

For whom will the goods and services be produced?

16.

A mysterious island has been discovered, and you are tasked with establishing a new society. What resources would you need to consider as factors of production? Check all that apply.

a)

Land

b)

Labor

c)

Capital

d)

Family

e)

Entrepreneurship

17.

In a mysterious land, the inhabitants refer to a certain concept for all the natural resources found on or under their ground that they use to produce goods and services. What do they call this concept?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

18.

A mysterious individual has been spotted in the city, known for their unique combination of vision, skill, ingenuity, and willingness to take risks. This individual is creating and running new businesses, causing a stir in the city. This individual is best described as a _________.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

19.

A detective was working on a case and had to give up his vacation to solve it. This sacrifice can be best described as _________.

a)

Utilitarianism

b)

Capitalism

c)

Economizing

d)

Opportunity cost

20.

A mysterious island has been discovered, which requires Land, Labor, Capital, and Entrepreneurship to be developed. What are these elements collectively known as?

a)

Island Diversification

b)

Island Deductions

c)

Island Economy

d)

Factors of Production

21.

In a mysterious land, there is a magical production possibilities curve (PPC). What does the enigmatic point Y symbolize on this curve?

a)

Efficiency

b)

Unattainable / impossible

c)

Nothing

d)

Inefficiency

22.

A mysterious event has caused a country's PPC to shift outward. What could be the underlying reason for this phenomenon?

a)

The country has a lot of resources that are wasted or idle

b)

The country is experiencing economic growth

c)

The country is using its resources inefficiently

d)

There is a decrease in demand for a product in the country

23.

A mysterious island has two types of resources: coconuts and fish. The islanders are trying to figure out how much of each resource they can produce. What is the tool they are using to determine this?

a)

a graph that shows how much an economy can produce between 2 goods

b)

the opportunity one has to give up in order to gain something else

c)

how much money something is worth

d)

and, labor, capital, entrepreneurs

24.

Imagine you are a manager at a major railway company, operating at point B. If you decide to manufacture a third freight train, the mystery lies in how much sugar production you would have to sacrifice. Can you guess the opportunity cost?

a)

19 tons of sugar.

b)

45 tons of sugar.

c)

80 tons of sugar.

d)

180 tons of sugar.

25.

Imagine you are a manager at a major freight train manufacturing company. You are currently operating at point C in your production plan. If you decide to produce a fourth freight train, the mystery lies in determining the opportunity cost. What would it be?

a)

19 tons of sugar.

b)

45 tons of sugar.

c)

80 tons of sugar.

d)

3 freight trains.

26.

In a mysterious town, there is a renowned bakery known for its delicious treats. One day, due to an unexpected shortage of ingredients, the bakers find themselves in a predicament. They have just enough ingredients to bake either their famous muffins or their beloved cookies, but not both. After much deliberation, they decide to bake cookies. What is the opportunity cost of their decision?

a)

muffins 

b)

cookies 

27.

The Welch family discovered a mysterious map leading to a hidden treasure in the Grand Canyon. They decided to use their saved money to embark on this adventure instead of building a swimming pool in their backyard. What is the opportunity cost of their choice?

a)

Building A Swimming Pool

b)

Buying A New Car For The Adventure

28.

In a small town, the local council has collected a significant amount of sales tax. They are faced with a mysterious decision - they could use the funds to construct a new skate park, or they could invest in more computers for the public library. After much deliberation, they decide to build the skate park. What is the hidden cost of their decision?

a)

new skate park

b)

more computers 

29.

In a mysterious land, the inhabitants always face a dilemma because

a)

they have limited resources to fulfill their endless desires

b)

they have unlimited resources to fulfill their limited desires

c)

they have limited needs but unlimited desires

d)

they have unlimited needs but limited desires

30.

A farmer is planning to expand his farm. What mystery factor of production is he considering?

(a)  

31.

A company is trying to solve a mystery about its production. They have identified several factors that could be influencing it. Can you name one such factor?

(a)  

32.

In a world where magic is limited but the desires of wizards are boundless, what does this situation lead to?

(a)  

33.

You stumble upon a mysterious object while hiking in the woods. What type of resource could this be?

a)

natural resource

b)

human resource

c)

capital resource

34.

You stumble upon an unknown object in a treasure chest. What type of resource could this be?

a)

capital resource

b)

human resource

c)

natural resource

35.

You stumble upon a mysterious object while hiking. What type of resource could this object be classified as?

a)

natural resource

b)

capital resource

c)

human resource

36.

In a mysterious town, there are people who perform a certain task for pay to produce goods and services. What is this task called?

(a)  

37.

In a mysterious city, there is a secret resource known by the locals. This resource is manmade and is used to produce goods and services. What is this resource?

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

38.

A MYSTERIOUS INDIVIDUAL HAS BEEN SPOTTED IN TOWN, WHO IS MAKING GOOD AND SERVICES FOR PEOPLE. PEOPLE SAY THIS PERSON _______________.

a)

owns their own business.

b)

uses goods and services to produce labor, land, and capital.

c)

use land, labor, and capital to produce good and services.

d)

loves nature and runs a business

39.

In a mysterious land, the ruler has the power to decide most of the things about what, how, and for whom to produce goods and services. What type of economy does this land follow?

a)

traditional

b)

market / capitalist

c)

command / communist

d)

mixed

40.

You are a detective in a world where resources are scarce. How would you solve the mystery of satisfying your unlimited wants?

a)

by making more money

b)

by making choices

c)

by stealing

d)

by setting a budget

41.

In the mystery novel, the protagonist is stranded on a deserted island. Is the makeshift shelter he builds a want or a need?

a)

Want

b)

Need

42.

A mysterious pizza shop and shoe store share a production facility in a small town. The table shows their combined production possibilities. Based on the table, which of the following production combinations is a possibility for a day's work?

a)

28 pizzas and 5 pairs of shoes

b)

3 pairs of shoes and 23 pizzas

c)

2 pairs of shoes and 20 pizzas

d)

4 pairs of shoes and 15 pizzas

43.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
44.
If many workers decide to retire at an early age, the PPF would shift inward.
a)
True
b)
False
45.
Efficiency is producing the maximum possible output from available resources
a)
True
b)
False
46.
What do points inside the PPF indicate?
a)
The combination of goods that employ goods efficiently
b)
The combination of goods that employ resources fully
c)
The combination of goods that do not employ resources fully
47.
Which of the following might cause an inward shift of the PPF?
a)
A computer network shuts down due to a virus
b)
More people earn bachelor degrees
c)
A new maching that produces bread faster is invented
d)
OPEC announces a new source of oil
48.
An increase in the labor force would cause the PPF to 
a)
Shift inward
b)
Shift outward
c)
Do nothing
d)
Turn into a straight line
49.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
50.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Productive inefficiency
d)
Productive efficiency
51.
Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?
a)
Point A
b)
Point Y
c)
Point X
d)
All of the above