CC Economics Worksheet

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Each question (1-20) is worth four points (80 points possible); you
will answer all three essay questions for nine points each (27
points possible). Highest possible score is 107% (out of 100%) or
it is possible to get 7 bonus points. If the question is italicized, it
will be in the short answer part on the test. Numbers in parentheses
are sections in online textbook.
1.
2.
What is economics mostly concerned with? (1-1)
3.
4.
5.
Explain the difference between a need and a want.
(1-1)
6.
7.
8.
Why do we need to make choices? (1-1)
9.
10.
11. What is the basic problem of economics? (1-1)
12.
13.
14. Why does scarcity always exist? (1-1)
15.
16.
17. What is capital and what is an example of capital?
(1-1)
18.
19.
20. What kinds of items are included in the economic
term of land? (1-2)
21.
22.
23. What kinds of items are included in the economic
term of labor? (1-2)
24.
25.
26. Explain why productivity rises when capital is
increased. (1-2)
27.
28.
29. Describe Entrepreneurship in the following passage:
(1-2)
30.
Twinkies were invented in 1930 by James Dewar, a bakery plant
manager. It didn’t make sense to Dewar that the bakery had lots of
expensive pans dedicated to a product called Little Short Cake
Fingers that was baked only six weeks a year, during strawberry
season. To sell the cakes year-round, he mixed up a bananaflavored cream to replace the strawberry cream filling and figured
out how to inject it into the shortcake using three syringe-like
injection tubes.
Adapted from Jack Mingo’s How the Cadillac Got Its Fins,
HarperCollins, © 1994.
11.
12.
What is entrepreneurship? (1-2)
13.
14.
15.
What effect has technology had on productivity? (notes)
16.
17.
18.
What do all economic choices involve? (1-2)
19.
20.
21.
What kind of trade-off is included when you buy a
CD/music? (1-2)
22.
23.
24.
What is an opportunity cost? (1-2)
25.
26.
27.
How can businesses make the best use of their
resources? (1-2)
28.
29.
30.
What are production possibilities? (1-2)
31.
32.
33.
Look at the Production Possibilities curve in Figure 1.3
on page 4 of section 1-2. How much clothing can this
company make if they decide to make 70 cars? (1-2)
34.
35.
36.
What do economists do? (1-3)
37.
38.
39. How do economists use economic models? What
factors do they include in them? (1-3)
40.
Essay Questions: Answer any three now in 3-5 sentences.
(worth 9 points each on homework)
1.
2. Explain the difference between the concepts of
scarcity and shortage, and give examples of each. (11)
3.
4.
5. Compare and contrast the importance of any three of
the four key factors of production. (1-2)
6.
7.
8. How does knowledge of past and current trends help
individuals make informed decisions? Give specific
examples. (Notes)
9.
FYI: Skills to know (not part of this homework grade): There
will be questions on the test where you will use these skills.
Make sure you know how to do them. (they will be covered in
class).
1.
2. Trade-offs and production possibilities. (1-2)
3.
4.
5. Reading a Production Possibilities Curve. (1-2)

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