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WorksheetsFundamentals of Economics
Total questions: 15
Worksheet time: 15mins
Which of the following is true?
Scarcity and shortage always exist
Scarcity is temporary and shortage always exists
Scarcity always exists and shortage is temporary
Scarcity and shortage are temporary
Scarcity is:
Limited resources to meet unlimited demand
The same thing as shortage
A market condition in which the quantity supplied at the current market price is not enough to meet demand
None of the above
Which of the following can cause a shortage of a particular good?
Increase in quantity demanded
Increase in demand
Increase in quantity supplied
Increase in supply
Which is the best representation of factors of production?
Financing used to build a business
Labor and materials
Raw materials used to manufacture products
Resources used by a company to provide goods and services
Which of the following is considered a need? SELECT ALL THAT APPLY.
Groceries
Shelter
Gold chain
Water
iPhone
Which of the following is considered a want?
Water
Starbucks
Sunglasses
Corvette
Baby food
Which of the following is affected by the condition of scarcity?
Businesses
Large economies
Rich people
All of society
Which of the following was a key figure in the history of economics? SELECT ALL THAT APPLY.
Karl Marx
Lori Amos
Adam Smith
Chad Wykle
Milton Friedman
The condition in which there aren't enough resources available to produce everything that individuals need is__
opportunity cost
scarcity
circular flow model
choice
The value of goods and services that are given up in order to obtain an alternative good or service is__
scarcity
circular flow model
choice
opportunity cost
____ is the study of how individuals, businesses and governments make choices about what to produce and what to consume.
History
Government
Economics
Sociology
____ and ____ are the basic economic problems faced by every society.
scarcity, choice
freedom, oppression
peace, unrest
All are correct
What is the primary focus of microeconomics?
A) The study of individual markets and consumer behavior
B) The study of national economies and global markets
C) The study of government policies and regulations
D) The study of historical economic trends
Which of the following best describes opportunity cost?
A) The financial cost of a decision
B) The time spent on a decision
C) The value of the next best alternative foregone
D) The total cost of all alternatives
What is a mixed economy?
A) An economy with no government intervention
B) An economy that relies solely on market forces
C) An economy that combines elements of both capitalism and socialism
D) An economy that is entirely planned by the government
