WorksheetsStations Review Questions
Total questions: 13
Worksheet time: 11mins
Which of the following is an example of a natural resource?
A truck
Cows
A tractor
Oil
Gold
Scarcity requires the condition of _________ and ___________
Unlimited wants and limited resources
Unlimited wants unlimited resource
Factors of production and rational decision-making
You decide to go to medical school instead of using your degree in biology to teach. What is the opportunity cost of this choice?
The money it will cost to go to medical school
The time required to get your medical degree
The money you spent on your degree in biology
The money you could’ve earned if you got a teaching job right away
Which of the following lead to economic growth in a country? Choose all that apply.
Better technology
Improving skills of workers
Division of labor
Purchase of additional productive resources
Giving free tuition to everyone who graduates from high school
Which of the following is an example of voluntary exchange? (multiple Correct)
Paying $20 for popcorn at the movie theater
Trading your shoes for your friends shoes because you like hers better
Government allocation of physical capital
Making employees happy at your factory is an investment in human capital
True
False
Which of the following is an investment in capital goods? (Multiple correct)
Buying an oven to bake cookies
Upgrading your old machinery to new machinery
Hiring of additional workers
Moving some of your workers to your plant in Mexico
Sam’s portrait studio takes school photos at LHS. In order to be efficient, one person takes information from the student, another person takes the photo, and a third person reviews the photo with the student to make sure they are happy with the picture. What is this an example of?
Capital investment
Natural Resources
Division of Labor
Opportunity cost
Which economy(s) is interested in innovation and new technology?
(a)
The country of Malta mines and exports gold to countries all over the world. They want to expand their production possibilities curve. Which of the following would help them have economic growth?
Increasing tariffs on gold coming into the country
Increasing taxes on workers throughout the nation
Investing in better ways to extract gold from the mines
Outlawing college education and requiring all workers to work in the mine
Sally and Josie live next-door in a command economy. Sally sells vegetables on a vegetable stand in front of her home. Josie sells Homemade blankets on a table in front of her house. Sally complains that Josie’s business is too close to hers and is causing her to lose customers. Sally files a complaint with her local government. Which of the following outcomes will probably happen?
Sally will be able to take Josie to court, and the judge will order Josie to stay away from Sally’s business
Josie will be ordered to stay on her side of the property and leave Sally’s customers alone because private property is protected.
Local government is very involved in fairness of business activities, so Josie will be told to stay away from Sally’s customers
Probably nothing because this is a command economy and property rights are not protected.
Kai is the manager of a small bakery. He has a limited amount of flour, sugar, and other ingredients each day. What is the primary reason Kai must make choices about how to use these resources?
Technology is always improving
Resources are scarce
Resources are unlimited
Wants are limited
In the town of Greenfield, a market economy, a new shopping center is being planned. Who will ultimately decide what types of stores and services will open in the shopping center?
The government
Local authorities
Consumers and producers
International organizations
