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Fundamentals Review

Total questions: 45

Worksheet time: 34mins

Name
Class
Date
1.

Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie’s situation best illustrates which economic concept?

a)

Opportunity cost

b)

Scarcity

c)

Unlimited resources

d)

Trade-offs

e)

Trade

2.

What is a common trait that mixed and market economies share with one another?

a)

Competition

b)

Nationalization of business

c)

Self-sufficiency

d)

Dictatorship

3.

Under which economic system would the factors of production most likely be owned by the government?

a)

Market Economy

b)

Command Economy

c)

Traditional Economy

d)

Mixed Economy

4.

Which of these occurs in a mixed economy?

a)

Private enterprises compete with the government for economic dominance

b)

The government and private enterprise exist together as major economic participants

c)

All businesses are publicly owned, but privately managed

d)

The government directs all economic activity

5.

Which of the following best defines the type of economy used by generations of farmers?

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

d)

Traditional Economy

6.

Which of the following often describes the economy of the United States?

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

d)

Traditional Economy

7.

Which best demonstrates the characteristics of human capital?

a)

Purchasing additional land and supplies to expand production capacity at a factory

b)

Increasing productivity through training or education for workers

c)

Raising the salaries of supervisors and managers purchasing stock in several corporations

d)

Harvesting a crop of wheat to produce larger amounts of bread to feed the homeless

8.

Roy attends college. He gives up his ability to earn money in a job to attend college. Which of the following best exemplifies Roy’s lost earnings?

a)

Trade-offs

b)

Opportunity Costs

c)

Marginal Costs

d)

Marginal Benefits

9.

Samantha’s parents pay for her piano lessons. Instead of going to a movie, Samantha plays the piano at her lesson on Saturday. What type of cost best refers to the situation for Samantha?

a)

Marginal Cost

b)

Fixed Cost

c)

Opportunity Cost

d)

Residual Cost

10.

Which of the following commonly refers to an individual who purchases goods and services?

a)

The end user of a good/service

b)

The retailer of a good/service

c)

The provider of a good/service

d)

The consumer of a good/service

11.

What best refers to entrepreneurship in a capitalist economy?

a)

Maximizing manpower needed to produce goods and services

b)

Using all the goods and services in production

c)

Minimizing the social and economic risk in government

d)

Making a profit by taking a risk to satisfy a perceived market need

12.

What term best refers to an item that is necessary for survival?

a)

Scarcity

b)

Shortage

c)

Need

d)

Want

13.

Which of the following best describes factors of production?

a)

The resources necessary to produce goods and services

b)

The number of steps it takes to make a product

c)

The mathematical equations that determine GDP

d)

The goods and services that a country produces

14.

Which factor of production best relates to computers, trucks, hammers, and other man-made materials?

a)

Capital

b)

Entrepreneurship

c)

Labor

d)

Land

15.

What refers to the study of how firms, nations, and individuals best allocate their limited resources?

a)

Circular Economic Activity

b)

Economics

c)

Factoring Production

d)

Supply and Demand Analysis

16.

Use the given production possibilities curve to answer the following question. A city government received a million grant to build swimming pools and skating rinks for youth. Based on the data provided in the graph, what is the opportunity cost of building one swimming pool?

a)

0.50 skating rink

b)

0.50 swimming pool

c)

2 skating rinks

d)

2 swimming pools

e)

5 skating rinks

17.

If a dog wore pants, how would he wear them?

a)

Like this

b)

Like this

18.

Which of the following economic goals deals with expanding the economy?

a)

Economic Security

b)

Economic Freedom

c)

Economic Growth

d)

Economic Stability

19.

Which of the following is an example of capital?

a)

Oven

b)

Chef

c)

Flour

d)

William Rosenberg, founder of Dunkin' Donuts

20.

Which of the following is an example of labor?

a)

Oven

b)

Chef

c)

Flour

d)

William Rosenberg, founder of Dunkin' Donuts

21.

Which of the following is an example of land?

a)

Oven

b)

Chef

c)

Flour

d)

William Rosenberg, founder of Dunkin' Donuts

22.

Which of the following is an example of entrepreneurship?

a)

Oven

b)

Chef

c)

Flour

d)

William Rosenberg, founder of Dunkin' Donuts

23.

Which of the following is an example of entrepreneurship?

a)

Deep Frier

b)

Cashier

c)

Ground Beef

d)

Ray Kroc, founder of McDonald's

24.

Which of the following is an example of capital?

a)

Deep Frier

b)

Cashier

c)

Ground Beef

d)

Ray Kroc, founder of McDonald's

25.

The visual represents which of the following?

a)

circular flow model

b)

production possibilities curve

c)

all are correct

d)

demand chart

26.

____ and ____ are the basic economic problems faced by every society.

a)

scarcity, choice

b)

freedom, oppression

c)

peace, unrest

d)

All are correct

27.

____ is the study of how individuals, businesses and governments make choices about what to produce and what to consume.

a)

History

b)

Government

c)

Economics

d)

Sociology

28.

The value of goods and services that are given up in order to obtain an alternative good or service is__

a)

scarcity

b)

circular flow model

c)

choice

d)

opportunity cost

29.

The condition in which there aren't enough resources available to produce everything that individuals need is__

a)

opportunity cost

b)

scarcity

c)

circular flow model

d)

choice

30.

The production possibilities curve is a visual representation of which concept?

a)

manufacturing

b)

technology integration

c)

opportunity cost

d)

cultural diffusion

31.
Productive resources that make up the four categories of land, capital, labor, and entrepreneurs
a)

Factors of Production

b)

Profits

c)

trade offs

d)

specialization

32.
An economic system in which supply, demand, and the price system help people make decisions and allocate resources
a)

Command Economy

b)

Market Economy

c)

Traditional Economy

d)

Socialism

33.
A risk-taking individual in search of profits, this person uses the factors of production to produce a product or service
a)

Entrepreneur

b)

Profit seeker

c)

Producer

d)

Consumer

34.
Natural resources or other "gifts of nature" not created by human effort
a)

Land

b)

Labor

c)

Capital

d)

Entreprenuer

35.
The tools, equipment, and factories used in the production of goods and services
a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

36.
An economic system that has some combination of traditional, command, and market economies
a)

Market Economy

b)

Mixed Economy

c)

Traditional Economy

d)

Centrally planned economy

37.
An economic system in which the allocation of scarce resources and other economic activities are based on ritual, habit, or custom
a)

Market Economy

b)

Mixed Economy

c)

Traditional Economy

d)

Command Economy

38.
Which of the following is an example of an investment in human capital?
a)
A company builds a new factory
b)
A state puts in a new highway
c)
A person goes to college
d)
A country bridges
39.
In the graph, which point represents an inefficient use of resources?
a)
a
b)
b
c)
y
d)
x
40.
All of the resources used in producing any good or service are known as the
a)
Monetary indulgements
b)
Factors of Production
c)
Rational decision making models
d)
Wages, rent, and interest
41.

Why is scarcity a basic economic problem?

a)

resources are limited

b)

governments limit production

c)

opportunity costs limit production

d)

people have trouble making choices

42.

Individual who creates new businesses and inovations, bearing most of the risk and enjoying most of the rewards

a)

Investor

b)

Landlord

c)

Laborer

d)

Entrepreneur

43.

Which factor of production would be considered land

a)

Coal

b)

Factory

c)

Money

d)

Tractor

44.

True or False- Paying rent instead of purchasing tickets to a concert is an example of Opportunity Cost

a)

True

b)

False

45.
Where is a point located on a production possibilities curve if the economic system is experiencing full employment and efficiency?
a)
Inside of the curve
b)
Outside of the curve
c)
On the curve

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