NAME: DATE:
SECTION: SCORE:
APPLIED ECONOMICS ASSESSMENT 1
I. Given the following scarcity, identify which is relative and
which is absolute. Write your answer on the space provided
before each number.
1. A day has a scarcity of time, as you cannot add
more than 24 hours to its supply.
2. The demand for wood to build more houses leads
to a depletion of local forests and, eventually, a
shortage in lumber.
3. Hoarding of toilet paper and hand sanitizer during
a pandemic causes a disruption in the supply chain
of these products, leading to scarcity in store.
4. A particular bad flu season inspires many more
people to get the flu vaccine in the next year, but
vaccine supply does not meet demand.
5. Fewer local farmers raising cattle can result in a
scarcity of milk and cheese.
II. Identify which economic resources is being described. Write
your answer on the space provided before each number.
1. Petroleum used for energy.
2. Knowledge, skills, and experience of a worker
3. Woods in the forest
4. Working from 8 am to 5 pm daily
5. Benefits such as insurance and pensions
NAME: DATE:
SECTION: SCORE:
APPLIED ECONOMICS ASSESSMENT 1
I. Given the following scarcity, identify which is relative and
which is absolute. Write your answer on the space provided
before each number.
1. A day has a scarcity of time, as you cannot add
more than 24 hours to its supply.
2. The demand for wood to build more houses leads
to a depletion of local forests and, eventually, a
shortage in lumber.
3. Hoarding of toilet paper and hand sanitizer during
a pandemic causes a disruption in the supply chain
of these products, leading to scarcity in store.
4. A particular bad flu season inspires many more
people to get the flu vaccine in the next year, but
vaccine supply does not meet demand.
5. Fewer local farmers raising cattle can result in a
scarcity of milk and cheese.
II. Identify which economic resources is being described. Write
your answer on the space provided before each number.
1. Petroleum used for energy.
2. Knowledge, skills, and experience of a worker
3. Woods in the forest
4. Working from 8 am to 5 pm daily
5. Benefits such as insurance and pensions