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WorksheetsUnit 1 Econ
Total questions: 15
Worksheet time: 17mins
A company can use its current resources to produce hats and boots as shown in this production possibilities curve. Which of the following represents a movement from inefficiency to efficiency in this PPC?
From T to S
From V to T
From S to V
From S to R
From S to U
The graph represents a change in the production possibilities of the nation of Xam. Which of the following statements about the economic growth in the PPC is true?
Xam now has more resources or technology to produce more fruit smoothies, but not fast cars
Xam now has more resources or technology available to produce more fast cars, but not fruit smoothies
Xam's resources or technology have not changed
Xam now has more resources or technology available that can produce either fast cars or fruit smoothies
Xam has fewer resources or technology to produce fruit smoothies and fast cars
The figure illustrates the production possibilities curve for a restaurants making kolaches and bowls of queso. Given the PPC shown, which of the following represents a movement from efficiency to inefficiency?
From G to H
From H to F
From G to F
From G to I
From J to G
These are the things we desire to have.
Wants
Goals
Opportunity Costs
What is it called if we ran out of coffee creamer?
Scarcity
Opportunity Cost
Producer
Services
A trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
Which of these terms is the BEST synonym for the word "entrepreneur"?
"business owner"
"home owner"
"employee"
"student"
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?
studying for a quiz
watching TV
eating dinner
taking a nap
True or False: All choices require giving up something else.
True
False
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
