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- 1. Multiple ChoiceWhat factor of production is: Economics Classroom?LandLaborHuman CapitalPhysical Capital
- 2. Multiple ChoiceWhat factor of production is: Sugar Cane?LandLaborHuman CapitalPhysical Capital
- 3. Multiple ChoiceWhat factor of production is: I heart Zupan T-shirts?LandLaborHuman CapitalPhysical Capital
- 4. Multiple ChoiceWhat factor of production is: Field Hockey Practice?LandLaborHuman CapitalPhysical Capital
- 5. Multiple ChoiceWhat factor of production is: Iron worker?LandLaborHuman CapitalPhysical Capital
- 6. Multiple ChoiceWhat factor of production is: Bulldozer?LandLaborHuman CapitalPhysical Capital
- 7. Multiple ChoiceWhat factor of production is: Student?LandLaborHuman CapitalPhysical Capital
- 8. Multiple ChoiceWhat factor of production is: Oil?LandLaborHuman CapitalPhysical Capital
- 9. Multiple ChoiceWhat factor of production is: IRS Building?LandLaborHuman CapitalPhysical Capital
- 10. Multiple ChoiceWhy are all goods and services scarce?Some goods cost more than othersall resources are scarceSome things are needs & others are wantsSome people want to have more goods than others
- 11. Multiple ChoiceIncreasing the number of laborers in an economy generally causes a(n)increase in the production possibilities curvedecrease in the production possibilities curveincrease in the opportunity cost of productiondecrease in the opportunity cost of production
- 12. Multiple ChoiceEvery decision involves trade-offs becausesome people have more money than otherseveryone's resources are limitedsome decisions are made for business, other for societyGeorge Coates said so
- 13. Multiple ChoiceAn example of a shortage is limited amount ofwater available for irrigation because it is used for other cropslabor available because the workers have other jobsfood available because the trucks carrying it are on strikefood available because few people want to buy it
- 14. Multiple Choice
Why is there no such thing as a Free Lunch?
Trick question, there is a free lunch
Money grows on trees
Mr. Coates doesn't want there to be
No matter what someone is giving up something (Time, $, etc.)
- 15. Multiple ChoiceWhich of the following makes someone an entrepreneur?Earning a lot of money as a computer programmerbecoming a highly paid dancerTaking an economics classRunning a service that hires people to install sprinklers in lawns
- 16. Multiple ChoiceAll of the following are trade-offs for a student who spends a semester abroad EXCEPTeating all of their favorite foodsseeing friends from home dailyexperiencing the culture of another countrymissing family activities at home
- 17. Multiple Choiceprocess of interaction and integration among the people, companies, and governments of different nationsinterdependencespecializationGlobalizationefficiency
- 18. Multiple Choiceall the possible alternatives that are rejected when a choice is madeOpportunity CostTrade-offschoicesservices
- 19. Multiple ChoiceWhat is the most desirable alternativeTrade-offsOpportunity CostChoicesServices
- 20. Multiple ChoiceReliant on others from some of your needsInterdependencelaborunderutilizationservices
- 21. Multiple Choice
Name one similarity between entrepreneurs and intrapreneurs.
Both leave major decisions to the company that hired them to start the new venture.
Both are independent and innovative thinkers.
Neither makes all the money earned by the venture.
Both must ask the company that hired them for any funds they spend on the new venture.
- 22. Multiple Choice
Scarcity requires that people must...
trade
compete
cooperate
make choices
- 23. Multiple Choice
What do we study in Economics?
People and the choices they make
money
The interaction between businesses and the stock market
The Rolling Stones
- 24. Multiple Choice
True or false: Scarcity and opportunity cost can be found in every economic example
True
False
- 25. Multiple Choice
What is one of our most scarce resources?
Time
Diamonds
Currency
Mr. Zupan Bobblehead dolls
- Answer choicesTagsAnswer choicesTags