WorksheetsEcon Unit 1
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
The government passes a higher minimum wage law.
a)
Capitalism
b)
Socialism
2.
Ms. Vasser’s eye rolling business had to pay social security and medicare taxes.
a)
Capitalism
b)
Socialism
3.
Mrs. Koeller starts a “Kissing Booth” movie fan club site and sells ads to make money.
a)
Capitalism
b)
Socialism
4.
Ms. Vasser’s mom wants the government to have strict regulation on pollution created by firms (businesses).
a)
Capitalism
b)
Socialism
5.
A homeschooling mom starts a homeschool group that other homeschooling parents pay to send their kids to.
a)
Capitalism
b)
Socialism
6.
Mrs. Koeller gets fired for smiling too much, and receives an unemployment check.
a)
Capitalism
b)
Socialism
7.
Good intended for use by businesses are considered to be...
a)
Capital goods
b)
Consumer Goods
8.
Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which points are producing at 100% efficiency?
a)
A, B, C
b)
X, Z, B
c)
Z, A, B, C
d)
A and B
9.
Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which point is recessionary?
a)
A
b)
B
c)
C
d)
K
e)
Z
10.
Choose the correct description of this production possibility graph below.
a)
This is an increasing cost curve because the goods being produced are made from different resources
b)
This is a constant cost curve because for every additional item produced, an increasing amount of the other item must be sacrificed
c)
This is an increasing curve because for every additional item produced, an increasing amount of the other item must be sacrificed
d)
This is a constant cost curve because the goods being produced are made from similar resources
11.
Choose the correct description of this production possibility graph below.
a)
This is an increasing cost curve because the goods being produced are made from similar resources
b)
This is a constant cost curve because for every additional item produced, a constant amount of the other item must be sacrificed
c)
This is an increasing curve because for every additional item produced, an increasing amount of the other item must be sacrificed
d)
This is a constant cost curve because the goods being produced are made from similar resources
12.
Use the following Circular Flow model to answer the question. What is the role of an individual in the economy?
a)
Individuals supply their labor in the factor market, and purchase consumer goods in the product market.
b)
Individuals supply their labor in the product market and purchase capital goods from the resource market.
c)
Individuals gain business income from the product market and pay for resources in the factor market.
d)
Individuals recieve tax breaks from the government and purchase the factors of production from businesses.
13.
Firms constantly work to become more efficient, reducing their inputs and maximizing their outputs. What is the economic concept at work?
a)
Increasing cost
b)
Increasing productivity
c)
increasing profit
d)
changing their revenue
14.
9000 cups are made with 45 pounds of steel.
4 lines
15.
We used 500,000 pounds of wood to produce 6 houses.
4 lines
16.
Mrs. Koeller and Ms. Vasser (2 people) each colored for 5 hours a piece and produced 85 pages of finished work.
4 lines
17.
Coal and tin
a)
Region A
b)
Region B
c)
Region C
d)
Region D
e)
Region E
18.
Corn and wheat
a)
Region A
b)
Region B
c)
Region C
d)
Region D
e)
Region E
19.
Lobster and crab
a)
Region A
b)
Region B
c)
Region C
d)
Region D
e)
Region E
20.
What is the opportunity cost of 1 cannon?
a)
200 Guns
b)
300 Guns
c)
100 Guns
d)
50 Guns
21.
What is the opportunity cost of 4 cannons?
a)
200 Guns
b)
400 Guns
c)
100 Guns
d)
50 Guns
22.
What is the opportunity cost of 2 guns between points A and B?
a)
200 butters
b)
400 butters
c)
350 butters
d)
100 butters
23.
What is the opportunity cost of 400 butters between points B and C?
a)
5 guns
b)
2 guns
c)
4 guns
d)
1 gun
24.
More engineers graduating college is a change in....
a)
Human Capital
b)
Technology
c)
Government policies
d)
Population
25.
Installing robots in your factory is a change in...
a)
Human Capital
b)
Technology
c)
Government policies
d)
Population
100 %
