WorksheetsUnit 1 Chapter 1 Review
Total questions: 13
Worksheet time: 8mins
When marginal benefit is greater than the cost of a particular good/service, the ___________ should be obtained.
opportunity cost
marginal benefit
marginal cost
factors of production
If Dr. Hollar had three options for where to get lunch this weekend and she ranked them (1) Jersey Mikes, (2) Chipotle, and (3) Chick-fil-A, what is her opportunity cost of going to Jersey Mike's?
Jersey Mikes
Chipotle
Chick Fil A
Chipotle and Chick Fil A
When conducting cost-benefit analysis, individuals consider and ask themselves...
What is the durability of the good/service?
What is the cost of the good/service?
Will the good/service lead to other expenses?
All three options.
Which of the following accurately describes a reason for some goods/services having a higher value than others?
Personal preferences for some goods/services over others
Cultural preferences for some goods/services over others
The scarcity of a good/service
Whether the goods/services are wants or needs
The capacity of a good/service to be useful is known as (a) .
This condition results from a society not having enough resources to produce everything that people want.
(a)
Tools, equipment, and machinery would fall under which of the Four Factors of Production?
Land
Labor
Capital
Entrepreneurship
Water, natural gas, and the soil on which a structure is built would all fall under which of the Four Factors of Production?
Land
Labor
Capital
Entrepreneurship
When conducting marginal analysis, if you determine the marginal benefit of a desire good is (a) the marginal cost, the desired good is not worth the cost and should not be obtained.
_____ are things that we buy or use, such as a television or car, while _____ are jobs and activities that are provided by people in an economy, such as an accounting or nursing.
Capital; entrepreneurs
Labor; goods
Value; labor
Goods; services
The question, "Should our society direct most of its resources to the production of military equipment or to other items such as food, clothing, or housing?" asks the economic question....
What good/service should we produce?
How should we produce a good/service?
For whom should we produce a good/service?
If a factory owner has to decide between using mass production methods that require a lot of equipment and few workers, OR methods that use less equipment and more workers, they are attempting to answer which question?
What good/service to produce?
How to produce a good/service?
For whom to produce a good/service?
If a country's government was deciding between offering low-cost healthcare to all citizens OR offering low-cost healthcare to only senior citizens, they would be addressing which economic question?
What good/service to produce?
How to produce a good/service?
For whom should a good/service be produced?
