Economics Practice Exam Worksheets With Answer Key
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11Practice Exam 1
1. Economics is the study of choice under conditions of
a. demand
b. supply
c. scarcity
d. opportunity
e. abundance
2. Suppose your friends take you out for dinner on your birthday and you have a much better time
than you would have had doing anything else. There is still an opportunity cost, even though
they will not let you pay for anything.
a. True
b. False
3. Figure 2-4 shows the production possibilities frontier for a music processing plant that can
produce both compact disks and cassettes. The opportunity cost of moving from point B to C is
a. 20 cassettes
b. 120 compact disks
c. 100 cassettes
d. 60 compact disks
e. 180 compact disks
4. Figure 2-4 shows the production possibilities frontier for a music processing plant that can
produce both compact disks and cassettes. At which point would the plant be under-utilizing its
resources?
a. A
b. B
c. C
d. D
e. E
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