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WorksheetsEconomics Principles and Practices
Total questions: 20
Worksheet time: 16mins
Name
Class
Date
1.
What is the fundamental problem of economics?
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
2.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
3.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision
b)
The price you pay to purchase something
c)
The benefit you gain by making a decision
d)
The amount of debt you take on by making a decision
4.
Which of the following would be an example of human capital?
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike
c)
Philip Knight, the CEO of Nike
d)
The land that the Nike headquarters is located on in Beaverton Oregon
5.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
6.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
7.
Johnny has $50 and wants to buy a pair of Nike Shoes that cost $95. He has to settle for a pair of Sketchers for $45. In economic terms Johnny is facing the problem of:
a)
Shortage
b)
Scarcity
c)
Unemployment
d)
Marginal costs
8.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam
b)
making a B on the exam
c)
Losing one hour of sleep
d)
gaining one hour of sleep
9.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods are tangible and services are not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
10.
What is the major difference between scarcity and a shortage?
a)
They are really the same
b)
Shortages always exist and scarcity is temporary
c)
Shortages are temporary and scarcity always exist.
d)
Scarcity is limited and shortages are unlimited
11.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
12.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision
b)
The price you pay to purchase something
c)
The benefit you gain by making a decision
d)
The amount of debt you take on by making a decision
13.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
14.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
15.
Is this shelter a want or a need?
a)
Want
b)
Need
16.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
17.
What is the meaning of Trade-Off?
a)
Having more than you want, or need.
b)
When people work in jobs where they produce a few special goods, or services.
c)
When you get a little lees of ne thing in order to get a little more of something else.
d)
Something one person does for someone else.
18.
What does Specialization mean?
a)
Something oe person does for someone else.
b)
Not being able to have everything that you want because of limited resources.
c)
Having more than you want, or need.
d)
When people work in jobs where they produce a few special goods, or services.
19.
What does a production possibility curve show?
a)
The prices of two types of products being produced
b)
The quantity of capital and consumer goods that people would like to be produced
c)
The maximum combination of two types of goods that can be produced with given resources.
d)
The relative profitability of capital and consumer goods
20.
What does a point outside the PPC represent?
a)
A currently unattainable position
b)
An inefficient position
c)
The maximum use of resources
d)
Unused resources
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