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WorksheetsWoolf Economic Chapter 1
Total questions: 22
Worksheet time: 11mins
Which two basic economic principles create the need for choices?
Which two basic economic principles create the need for choices?
Unlimited wants and limited resources
Subjective value and utility
Utility and opportunity
Conservation of natural resources primarily shows which economic concept?
Microeconomics
Utility
Public Goods
Scarcity
Explain the Nature of the Economic problem
When there is too much money in a country and the value of money goes down
When the poverty levels in a country reduce tourism, resulting in higher taxes
When a country is in too much debt
It is when unlimited wants exceeds limited resources which leads to the problem of choice which results in opportunity cost. There are 3 questions which every society has to answer
What to produce? ,how to produce? For whom to produce?
What biblical concept refers to a person's responsibility to make proper choices with his resources?
Stewardship
Contentment
Utility
Public good
What is the economic cost of a good or service?
The price charged for it
The regret a consumer feels after choosing it
The value people place on it
The cost of making and marketing it
Which of the following is an economic service rather than an economic good?
Computer monitor
Sports Car
Haircut
Cell Phone
What principle does the broken windows story illustrate?
Scarcity
Hidden costs
Stewardship
Cost of labor
What approach to economic study focuses on value judgments?
Microeconomics
Positive economics
Macroeconomics
Normative economics
Which of the following best fits into the realm of macroeconomics?
Rising unemployment
A business loan
Research and development
Family Budget
Goods that a consumer must pay to have removed are called _____ goods.
consumer
free
economic
nuisance
Goods that cost nothing are called _____ goods.
nuisance
consumer
free
economic
The worth of the good because of its nature is called _____ value.
extrinsic
intrinsic
natural
economic
What is subjective value?
Worth of something based on its nature
The cost of the materials required to make it
Worth of something based on its usefulness to a buyer
The price tag at the store
The satisfaction that someone feels from choosing an option is called _____ benefit.
opportunity
economic
subjective
scarcity
What do economists call the regret a person feels for not choosing a particular option?
Opportunity benefit
Economic cost
Subjective cost
Opportunity cost
What is an economist's term for the usefulness of a good or service?
Scarcity
Utility
Value
Cost
Which type of economics deals with economic choices made by individuals?
Microeconomics
Macroeconomics
Finance economics
Business economics
Whicy type of economics deals with large-scale economic choices and issues?
Microeconomics
Macroeconomics
Finance economics
Business economics
Carl Menger is known as the Father of _____ Economics.
German
French
British
Austrian
According to Carl Menger, what determines the value of an object?
The quality of the raw materials
The utility for the user
The labor of the producer
The public good accomplished
