Tioga ISD



Economics Warm Ups August 29 – September 21. Consumers are powerful becauseA. they have more rights than corporations.B. they help decide a business’s opportunity costs.C. they drive decisions about what to produce.D. their interests force producers to behave ethically.2. Consumers are expected to read the full information about a product before making a purchase. This is an example of a consumer’sA. opportunities. C. habits.B. rights. D. responsibilities3. Which statement describes a disadvantage of a command economy?A. Items tend to be produced solely for the sake of profit.B. It cannot “change direction” easily if the need arises to do so.C. It does little to help the less advantaged obtain the goods and services they need.D. Nothing stops the government from producing things that people don’t need or want.4. How is the principle of “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?A. Socialist economies tend to collapse when they become too large.B. The marketplaces in a socialist economy are free for anyone to enter.C. Socialist policies offer advantages to the wealthy at the expense of those less well-off.D. Socialist economies tend to offer extensive government services but have high tax rates.Match each item with the correct factor of production. You may use the factors of production more than once._______ 5. computers used to produce magazine articles_______ 6. the South’s rainy season_______ 7. a third-grade teacher_______ 8. the manager of a car repair shop_______ 9. developer of a new smartphone appA. landB. capitalC. laborD. entrepreneurs10. Which of the factors of production involves taking risks and combining resources to produce a good or service?A. land C. laborB. capital D. entrepreneurs11. Opportunity cost refers toA. the dollar amount attached to a good or service.B. the value of the next best alternative.C. the cost of not expanding production.D. the cost of labor when production is expanded or changed. In the blank, indicate whether the statement is true (T) or false (F). _______ 12. Economic growth is an increase in a nation’s output of goods and services over time._______ 13. Economic growth usually can be achieved without investing in new resources._______ 14. Economic growth causes the production possibilities frontier to contract._______ 15. People’s skills, abilities, health, knowledge, and motivation all add up to entrepreneurship._______ 16. Separation of tasks to be performed by different workers is division of labor. ................
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