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FHS Unit 1 Midpoint Quiz

Total questions: 35

Worksheet time: 31mins

Name
Class
Date
1.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
2.

If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

a)

They are being over efficient

b)

There is an idle, or unproductive, or use of resources

c)

It is not impossible with the given resources

d)

They are still efficient, just at another point

3.
What is the production possibilities curve?
a)
a graph that shows how efficient an economy can produce a combination of 2 goods
b)
a graph that shows how much money something is
c)
a graph that shows the opportunity a country has to give up in order to lose something else
d)
a visual representation of how land, labor, capital, entrepreneurs are distributed
4.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
5.

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)

Production is greater than the country's maximum potential

d)

Production at the country's maximum potential

6.

Which scenario contributes towards the shifting of the curve in the picture above?

a)

When a country is struck by a natural disaster, natural resources are either exhausted or reduced due to the incident.

b)

Huge reduction in Construction Expenses and equipment manufacturing

c)

Economic decline due to Covid 19

d)

None of the above

7.
If a natural disaster strikes, the production possibilities curve can shift
a)
No shift
b)
To the left
c)
To the right
d)
Outward on one axis only
8.
What can cause a production possibilities curve to move to the right?
a)
thousands of people move out of the country
b)
an epidemic kills thousands of young men and women
c)
a new invention lowers the cost of production
d)
the population is growing increasingly old
9.
The production possibilities curve is an illustration of what?
a)
Opportunity costs and trade-offs
b)
Only opportunity costs
c)
Only trade-offs
d)
none of the above
10.
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
11.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
12.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
13.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
14.
All natural resources that go into the production of a good or service:
a)
Capital
b)
Entrepreneurship
c)
Land
d)
Labor
15.

Point B represents

a)

Product Market

b)

Factor Market

c)

Individuals

d)

Businesses

16.

What are the four main parts of the circular flow diagram?

a)

Product Market, Stock Market, Factor Market, Fish Market

b)

Product Market, House Market, Factor Market, Good Market

c)

Factor Market, Product Market, Households, Firms

d)

Factor Market, households, Stock Market, super market

17.

What does point A represent on the Circular flow diagram?

a)

Households

b)

Businesses

c)

Factor Market

d)

Product Market

18.

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

19.

Where do factors of production (land, labor, etc) come from in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

20.

In the circular flow diagram firms pay wages for which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Raw materials

21.

What does point C represent on the Circular Flow diagram?

a)

Firm

b)

Factor Market

c)

Individual

d)

Product Market

22.

The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

23.

The delivery of finished products for sale in exchange for revenue is represented in which arrows?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

24.

A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?

a)

Individuals

b)

Businesss

c)

Factor Market

d)

Product Market

25.

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

a)

Product Market

b)

Factor Market

c)

Firms

d)

Individuals

26.

Money exchanged between businesses and individuals for labor.

a)

wages

b)

revenue

c)

spending

d)

profit

27.

Money exchanged between an individual and a store for a good or service.

a)

Revenue

b)

Wages

c)

Rent

d)

Donation

28.

What goes at point 5

a)

Spending

b)

Income

c)

Factors of Production

d)

Goods and services

29.

These are the things we desire to have.

a)

Wants

b)

Goals

c)

Opportunity Costs

30.

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

a)

Ford

b)

Honda

c)

Toyota

d)

Dodge

31.

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?

a)

money

b)

job

c)

time

d)

college

32.
The local government for a community must decide what to do with the sales tax collected.  They could build a new skate park or they could buy more computers for the public library.  The officials decide to build a skate park.  What is the opportunity cost of their decision?
a)
new skate park
b)
more computers 
33.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
34.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
35.
Emelia has been invited to a sleep over at Chloe’s house for this Saturday.  Emelia has tickets to see her favorite band in concert that same night.  She decides to give the tickets to her sister and go to Chloe’s house.  What is the opportunity cost of her decision?
a)
seeing her favorite band 
b)
spending time at a friends house 

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