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Unit 1 Part 2
Test Description: Unit 1 part 2
Instructions: Answer all questions to get your test result.
1) Trade Off
A
Giving up 1 thing for another
B
Capital
C
Factors of Production
D
The cost of choosing 1 choice over another
2) Factors of production
A
Land, Labor, Capital, Entrepreneurs
B
Workers, Capital, Money
C
Land, Trees, Capital
D
Land, Labor, Capital
3) Entrepreneur
A
A new job
B
Anything used to creat a new service
C
Anything used to creat a new good
D
A person that combines resources to create a new good
4) What are the opportunity costs of preserving Alaska’s 150 million acres of wilderness?
A
People, cash, fish
B
Boats, cars, jets
C
Oil, Animals, Ice
D
Oil, Jobs, Higher Gas Prices
5) If oil is mined from Alaska what are opportunity costs of this decision?
A
New fish
B
People begin to eat oil
C
Oil, Jobs, Higher Gas Prices
D
Wilderness destroyed, animals killed, natural beauty harmed
6) 3- Economics is the study of the ___________ that people and societies make in allocating scarce resources.
A
Labor
B
Choices
C
Capital
D
Service
7) Service
A
Hammer, Car
B
Computer
C
Waiter, Snow plower
D
Snow Plow
8) Good
A
Teacher
B
Waiter, Snow Plower
C
Lawn Service
D
Hammer, Car
9) On a Production Curve: If you are on the line you are producing_____________ ?
A
At cost
B
Limit
C
Efficiently
D
Under Utilization
10) What are 3 ways to move to a new frontier?
A
Education, Labor, Capital
B
Technology, Education, Less Workers
C
Technology, Education, More workers
D
Buy, Sell, Share
*select an answer for all questions
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