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- 1. Multiple ChoiceNot being able to have all the products and services a person wants is called _______.exportimportscarcity
- 2. Multiple ChoiceA business that owned and operated by one person is called _______.individual ownershippartnershipcorporation
- 3. Multiple ChoiceA business that owned and operated by two people is called _______.individual ownershippartnershipcorporation
- 4. Multiple ChoiceThe tools, machines, and buildings that are used to produce goods and services are called _______.human capitalnatural resourcescapital equipment
- 5. Multiple ChoiceValuable things in nature that people use are called _______.human capitalnatural resourcescapital equipment
- 6. Multiple ChoicePeople who work in jobs to produce goods and services are called _______.human capitalnatural resourcescapital equipment
- 7. Multiple ChoiceA business that owned by several people and operated by managers is called _______.individual ownershippartnershipcorporation
- 8. Multiple ChoiceThe amount of money left over after paying all of the costs is called _______.profitscarcityexport
- 9. Multiple Choice_______ are things that are made and traded.exportimportproducts
- 10. Multiple Choice_______ is what you give up in order to get what you want.exportopportunity costproducts
- 11. Multiple ChoiceAn _______ is a product brought in from another country.exportimportprofit
- 12. Multiple ChoiceAn _______ is a product sold to another country.exportimportprofit
- 13. Multiple ChoiceYou have $14.00. You can go to the movies, buy a new shirt, or buy a kitten. If you choose to go to the movies, what is your opportunity cost?the shirt and the kittenthe kitten and the moviesthe movies and the shirt
- 14. Multiple ChoiceYou have $8.00. You can buy a new hat, a new shirt, or two books. If you choose to buy the books, what is your opportunity cost?the shirt and the booksthe hat and the shirtthe books and the hat
- 15. Multiple ChoiceWhich of the following are natural resources needed to grow apples?sunlight and waterfarmer and hired workerstractor and plow
- 16. Multiple ChoiceWhich of the following are human capital needed to grow apples?sunlight and waterfarmer and hired workerstractor and plow
- 17. Multiple ChoiceWhich Michigan city is known for producing cereal?DetroitTraverse CityBattle Creek
- 18. Multiple ChoiceWhich Michigan city is known for producing cherries and having lots of tourism?DetroitTraverse CityBattle Creek
- 19. Multiple ChoiceWhich Michigan city is known for producing automobiles?DetroitTraverse CityBattle Creek
- 20. Multiple ChoiceImagine you went to Moomers and they were out of your favorite flavor of ice cream! Which of the following is an appropriate example of how you could confront this scarcity?throw yourself on the floor and crychoose a different flavor of ice creamyell and the manager and tell her you are never coming back
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