WorksheetsUnit 2 Day 1
Total questions: 15
Worksheet time: 8mins
Which of the following is NOT one of the four factors of production?
Land
Labor
Money
Entrepreneurship
Which for the following include the four factors of production?
Labor
Land
Capital
Entrepreneurship
Which factor of production is illustrated by people working in a warehouse?
Labor
Capital
Land
Entrepreneurship
What is the main way the economy affects our lives?
Only through government decisions
Only through our own behavior
Through our own behavior and forces outside our control
Only through business activities
What are people who study how money moves and decisions are made called?
Biologists
Economists
Historians
Chemists
What does marginal analysis involve?
Looking at the total cost of a decision
Looking at the extra or additional cost or benefit of a decision
Ignoring costs and benefits
Comparing only past decisions
Why might an economist use marginal analysis when studying a decision?
To determine the average cost of all decisions
To evaluate the extra impact of making one more choice
To ignore the effects of decisions
To focus only on historical data
Which of the following is considered a larger economic force that can affect individuals?
Choosing a major or level of education
Saving or spending money
Government policy
Renting or buying a home
If someone is deciding whether to rent or buy a home, what type of decision are they making?
Societal force decision
Personal financial decision
Global trade decision
Stock market decision
What does the term "lens of scarcity" mean in economics?
Viewing the world as having limited resources, so choices must be made.
Believing resources are unlimited.
Ignoring the need to make choices.
Thinking everyone can have everything they want.
If people have unlimited wants but resources are limited, what is the result?
There is never enough of everything for everyone.
Everyone gets what they want.
Resources become unlimited.
Economists do not need to make choices.
Which economic resource involves the skill to start and manage businesses?
Land
Labor
Capital
Entrepreneurial ability
Land as an economic resource includes which of the following?
Machinery
Oil, water, and trees
Mental work
Business management skills
Which type of economic resource is best represented by the act of recycling?
Land
Labor
Capital
Entrepreneurial ability
Explain how entrepreneurial ability differs from the other types of economic resources.
It involves only physical work
It is about using machinery and tools
It is the skill to start and manage businesses, unlike the others which are more tangible
It refers to natural resources
