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- 1. Multiple Choice
You do the dishes, your brother cleans the bathroom, and your mother folds the laundry. This is an example of...
opportunity cost
free market
division of labor
productive capacity
- 2. Multiple Choice
Karen makes cookies and sells them at school for $1 a cookie. She is participating in
division of labor
voluntary exchange
specialization
productive capacity
- 3. Multiple Choice
You can either buy a new bike or an xbox 360 gaming system. This is a difficult decision for you. What is the problem called?
opportunity cost
free labor
surplus
scarity
- 4. Multiple Choice
The total amount of things that a group can produce is its productive capacity. What is the best way to improve productive capacity?
have every person do a little bit of everything
take away resources
sell capital goods
create a division of labor
- 5. Multiple Choice
How did the invention of computers help the American economy?
replaced people with machines
increased productivity
gave people money
made people healthier
- 6. Multiple Choice
One shop sells shoes. A different shop sells cell phones. This is an example of...
opportunity cost
specialization
surplus
scarcity
- 7. Multiple Choice
What do you call the total means available to a company for increasing production or profit, including labor and materials?
productive capacity
resource
capital goods
specialization
- 8. Multiple Choice
What do you call things that are used to make other things?
resource
technology
capital goods
assembly line
- 9. Multiple Choice
What do you call the type of production in which different workers do different parts of the job?
productive capacity
specialization
assembly line
division of labor
- 10. Multiple Choice
What do you call the production process in which the products move on a rolling platform past different workers who are assigned a specific task to perform?
assembly line
division of labor
specialization
technology
- 11. Multiple Choice
What do you call focusing on providing one kind of product or service?
productive capacity
division of labor
specialization
assembly line
- 12. Multiple Choice
What do you call machines and inventions that solve problems and improve life?
technology
specialization of labor
resource
capital goods
- 13. Multiple Choice
What do you call how much a product costs and how difficult it is to get?
free market
scarcity
surplus
price
- 14. Multiple Choice
What do you call it when a product is easy to get?
free market
surplus
scarcity
price
- 15. Multiple Choice
What do you call it when people can buy and sell what they want?
free market
surplus
scarcity
opportunity cost
- 16. Multiple Choice
What do you call what a person gives up by choosing one way of using resources instead of another?
free market
voluntary exchange
price
opportunity cost
- 17. Multiple Choice
What do you call it when people can trade with each other as long as both agree?
voluntary exchange
opportunity cost
free market
price
- 18. Multiple Choice
What do you call it when a product is hard to get?
scarcity
surplus
free market
price
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