10 questions
Your family has the choice to stay in Medellin at the weekend or go to a country house. Which of the following might be a cost of going to the country house?
You can spend more time together as a family.
Your cousin is having a birthday party in Medellin that you won't be able to go to.
You can go for walks in the countryside with your dog.
Select all the following items that are basic human needs.
books
education
food
water
transport
What is the correct definition of an incentive?
a method used to prevent someone making a decision
a method used to encourage someone to make a decision
If your teacher offers you a 5.0 for completing an activity, what are they offering you?
utility
cost
incentive
choice
Economics is . . .
the study of money and how it is used
the study of how individuals and societies satisfy their unlimited wants with limited resources
the way business influences the world
the study of how things become scarce
What is scarcity?
a shortage of resources
a lack of basic resources
a decision to do one activity and not another
when something we want is in short supply
It's late on Sunday night. You have to decide if you are going to stay up and finish your Spanish homework or if you are going to go to sleep. Which of the following is a motivation for doing your homework?
You want to be fresh and full of energy tomorrow.
You share a room with your sister and she won't be able to sleep if you keep the light on.
You are worried that you might be getting sick.
Your last assignment wasn't very good and the teacher gave you a 3.0.
In an economic context I use the word 'economize' to explain my choice to buy the cheapest laptop computer.
True
False
Which of these is NOT a utility of going out for dinner with your family?
You don't have to wash the dishes.
You have to give the waiter a tip.
You can spend some relaxing time with your family.
For every hour you practice basketball you increase in skill and increase your chances of making the team. However, each hour you practice is an hour you could have spent working at an after school job to save for a car.
What are the motivations mentioned in this paragraph?
time and physical health
time and saving money
increase in skill and saving money
increase in skill and physical health