WorksheetsEcon Unit 2
Total questions: 45
Worksheet time: 2hrs 0mins
SSEF2b
SSEF1b
SSEF1a
SSEF2b
SSEF3b
SSEF6b
SSEF4a
SSEF6b
SSEF4a
SSEF6a
SSEF4b
SSEF1c
SSEF1d
Which of these terms is the BEST synonym for the word "entrepreneur"? SSEF1c
Business owner
Homeowner
Employee
Student
Land, labor, capital, and entrepreneurship are the: SSEF1b
Basis of employment
Results of production
Factors of production
Results of supply and demand
As one of the factors of production/productive resources, capital can be defined as: SSEF1b
the goods and services a business produces.
the supply of labor needed to produce goods.
the people that purchase goods and services.
the equipment and factories needed to produce goods.
Which of these BEST represents capital investment for a company? SSEF1b
advertising
renting space
buying new equipment
hiring new employees
An opportunity cost is: SSEF1d
usually absent in a command economy.
when goods are recycled into other goods.
the next-best alternative you give up in order to do something else.
is only an issue when there is not a scarcity of goods and resources.
Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie? SSEF1d
fixed cost
marginal cost
residual cost
opportunity cost
As developing nations industrialize and make use of capital resources, new challenges to the supply of the world's natural resources will no doubt appear because: SSEF1b
the newly developed countries will industrially overtake the existing developed countries.
the rate of depletion will increase as developing countries begin to use more natural resources.
more developed countries do not want developing countries to become more economically independent
the developing countries will learn to bargain with their natural resources and impact the economies of other nations.
The basic economic condition that exists when unlimited wants exceed limited productive resources is called: SSEF1a
Capital
Scarcity
Opportunity cost
Hyperinflation
Mr. Stevens owns a building in downtown Bentonville. He has considered opening a sporting goods store in the building but has also been approached by someone who would like to rent the space to open a gym. If Mr. Stevens decides to open his sporting goods store, what is the opportunity cost of this decision? SSEF1b
the opportunity to rent it to another tenant
the property tax he would pay on the building
the opportunity he has to run his own business
the profits he would make from his sporting goods store
· ditch digger · computer programmer · international financier
ALL of these are examples of: SSEF1b
skilled labor.
human resources.
unskilled labor.
capital resources
In economics, rational decisions occur when? SSEF2b
Which is a fundamental questions every society must answer? SSEF4
Which type of economic system would have the least amount of government regulation? SSEF4a
Jingo was born to be a warrior-hunter, Jingo trades the furs of animals he catches to other families and tribes for many goods. What economic system is this? SSEF4
Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system? SSEF4a
We start a new colony on mars and must distribute the scarce resources we have to everyone. We do so by having our leader allocate them as he decides. This strategy for allocating resources would be considered: SSEF4c
Opportunity Cost is the? SSEF1d
item exchanged for another item
difference between a need and want
value of the next best alternative
Mary decides to produce and sell apple juice. She leases an apple orchard and renovates her kitchen to produce and bottle the apple juice. Mary hires three employees. Two employees will maintain the apple orchard and bottle the juice, and one will market the apple juice using the Internet. In the manufacture and sale of the apple juice, what factor of production does Mary represent? SSEF1
Labor
Entrepreneurship
Capital
According to the principle of the invisible hand....... SSEF1
everyone acting in his or her self-interest leads to the best outcomes for society.
government must carefully guide economic activity to reach the best outcomes for society.
government policies work like an invisible handle on a safe to protect valuable resources.
What is the opportunity cost in moving from point C to D? SSEF2a
54 Balls
19 Balls
75 Caps
When deciding which of the two items to purchase, one should always? SSEF3b
Choose the item that costs less.
Choose an item after comparing the costs and benefits of both items.
Choose the most expensive
When a person rents an apartment, who benefits from the transaction? SSEF3b
Only the person renting the apartment.
Only the landlord.
Both the person renting the apartment and the landlord.
Rational economic decisions, whether it be a small or large transaction, will always have? SSEF2b
both parties having higher marginal benefits than costs
only one party who has more marginal benefits than costs
more government regulation to ensure consumer protection
All of the following are factors of production except? SSEF1b
government
land
capital
A production possibility frontier will shift outward if? SSEF2a
there is a technological improvement
there is an increase in the labor force
all of the above
Something that encourages or motivates a person toward action is referred to as? SSEF2b
total revenue
incentive
scarcity
Complete the following phrase: "Because _______ exists, _______ have to be made." SSEF1a
scarcity, choices
money, choices
choice, decisions
Manpower Inc. provides temporary workers trained in typing, clerical, and secretarial work. Manpower Inc. provides which factor of production? SSEF1b
Natural Resources
Human Capital
Physical Capital
Which of the following would most likely be seen in the obituary of Adam Smith? SSEF1
Creator of the production possibility curve
Father of the Command Economy
Founder of Modern Economics
In the hands of a trained plumber, what would the following image be? SSEF1b
Natural Resources
Entrepreneurship
Physical Capital
Percy has $30. He has 3 things he would like to do with the money. He can buy his mother a birthday present, buy 2 new CDs, or purchase a new badminton racket. He finally decides to buy his mother a present. His next choice would have been to buy 2 new CDs. What was his opportunity cost? SSEF1d
the value of his mother’s present
the enjoyment of listening to the CDs
the use of the new racket
A recent drought may cause farmers to rethink the methods of farming. This rethinking will cause the farmers to look at which economic question? SSEF4a
How to produce
Why produce
For whom to produce
