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WorksheetsAP Micro Unit 1 Quiz #1
Total questions: 15
Worksheet time: 12mins
Name
Class
Date
1.
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms Johnny is facing the problem of:
a)
Shortage
b)
Scarcity
c)
Unemployment
d)
Marginal costs
2.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam
b)
making a B on the exam
c)
Losing one hour of sleep
d)
gaining one hour of sleep
3.
The study of economics is primarily concerned with:
a)
demonstrating that capitalistic economies are superior to socialistic economies.
b)
determining the most equitable distribution of society's output.
c)
keeping private businesses from losing money.
d)
choices which are made in seeking to use scarce resources efficiently.
4.
An economy in which the individuals own the factors of production and decide for themselves the answers to the basic economic questions is what kind of economy?
a)
Traditional
b)
Market
c)
Command
d)
Centrally Planned
5.
Country y has food that through new technology that they can produce a seed that will yield more products that their nation specialize in. How will this affect their PPF?
a)
Their frontier will not cahnge
b)
Their frontier will move upward
c)
Their frontier will move outward
d)
Their frontier will move inward
6.
Bowdon Clothing Manufacturing decided several years ago to give up making suits for the public to take a contract with the Federal Government to produce Military Uniforms. Which eceonomic question did they answer.
a)
What to produce?
b)
How to Produce
c)
For whom to produce
d)
All of the above
7.
What is the major difference between scarcity and a shortage?
a)
They are really the same
b)
Shortages always exist and scarcity is temporary
c)
Shortages are temporary and scarcity always exist.
d)
Scarcity is limited and shortages are unlimited
8.
Which of the following factors influence productivity. economic growth, and the future standard of living for a nation?
a)
Investment in factories
b)
Health, education and training of people
c)
Machinery and new Technology
d)
All of the above
9.
What factors must an individual consider when making a rational decision?
a)
Trade offs and opportunity costs
b)
Voluntary and fraudulent exchanges
c)
Marginal benefits and marginal costs
d)
All of he above
10.
What is the opportunity cost of increasing production of chicken nuggets from 17 to 41 orders?
a)
11 French Fries
b)
11 Chicken Nuggets
c)
14 French Fries
d)
14 Chicken Nuggets
11.
whats a mixed economy?
a)
a market-based economy in which the government plays a role.
b)
an economic system in which the people make the economic decisions
c)
people who buy goods and services
d)
physical items
12.
Which of the following is a normative statement?
a)
An increase in trade will benefit the economy.
b)
The United States has a higher inflation rate than Belgium.
c)
Europe as a whole is seeing an increase in unemployment.
d)
The United States is currently allocating all of its resources.
13.
When a point lies inside of the PPF it can be said that
a)
Resources are under employed
b)
Resources are fully utilize
c)
Production is beyond the resource potential
d)
Opportunity cost of production is constant
14.
In a market economy, ___________ are relied upon to ration output.
a)
Firms
b)
Consumers
c)
Prices
d)
Supply
15.
Which of the economic systems listed below involves government ownership of the factors of production?
a)
Command Economy
b)
Market Economy
c)
Traditional Economy
d)
All of the Above
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