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- 1. Multiple Choice
These are the things we desire to have.
Wants
Goals
Opportunity Costs
- 2. Multiple Choice
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
- 3. Multiple Choice
In economics a decision is free if:
There is no money involved.
There are no products involved.
There is no exchange with another person.
A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.
- 4. Multiple Choice
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
- 5. Multiple Choice
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Shoes
Jacket
Dress
Purse
- 6. Multiple Choice
Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?
Ford
Honda
Toyota
Dodge
- 7. Multiple Choice
What is it called if we ran out of coffee creamer?
Scarcity
Opportunity Cost
Producer
Services
- 8. Multiple Choice
Limited Resources + Unlimited Wants =
Scarcity
Productivity
Opportunity Cost
Efficiency
- 9. Multiple Choice
A trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
- 10. Multiple ChoiceWhich of the following best describes the relationship between trade offs and opportunity cost?opportunity costs happen because of trade offsopportunity costs are the opposite of trade offstrade offs lower the opportunity cost of an economic decisiontrade offs occur when there are no opportunity costs
- 11. Multiple Choice
Football fans and sport commentators frequently argue over the strategies professional football teams use in drafting players. Some teams are looking for a player for a specific position, and when their turn comes, they draft the best available player at that position. Other teams simply draft the best player available regardless of position. These teams argue that by selecting the best possible player regardless of position, they can trade the player they draft now for a better player than they could draft for the desired position later.
What is the MOST scarce resource that professional teams have in the drafting process?
draft positions
the trades
the best players
money
- 12. Multiple Choice
Human wants are greater than the resources that are available to satisfy them.” This implies the need for
working harder.
asking for less.
leaving decisions to fate.
making choices to allocate resources.
- 13. Multiple Choice
In economics, when discussing the factors of production, the term land refers to
farmland.
real estate.
capital goods.
all natural resources.
- 14. Multiple Choice
Which of these terms is the BEST synonym for the word "entrepreneur"?
"business owner"
"home owner"
"employee"
"student"
- 15. Multiple Choice
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
- 16. Multiple ChoiceA benefit is something good or helpful.TrueFalse
- 17. Multiple Choice
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
- 18. Multiple ChoiceTools we use to make productscapital resourceshuman resourcesnatural resourcesentrepreneurs
- 19. Multiple ChoiceA person who buys goods and servicesconsumerentrepreneurresourcecurrency
- 20. Multiple ChoiceIndividuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- Answer choicesTagsAnswer choicesTags