Economics 9a: Question Preview (ID: 3492)

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Resources and goods are limited, but human wants are ____.
a) unlimited b) expensive c) necessary d) ridiculous
Which word means that there is never enough to match the total of what everyone wants?
a) scarcity b) choice c) opportunity cost d) resources
Which word means selecting an item or an action from a set of all the possible alternatives?
a) choice b) scarcity c) resources d) demand
Who has to deal with scarcity and choice?
a) all of the choices b) individuals c) businesses d) governments
What is the term for the SECOND CHOICE - the choice you give up when you choose an item or action?
a) opportunity cost b) supply c) demand d) resources
You have a choice of doing your homework or going shopping. You do your homework. What is the opportunity cost of doing your homework?
a) shopping b) a tired brain c) a good grade d) none of these choices
What type of resources are water, trees, land, wheat, iron, and oil?
a) natural b) human c) capital goods d) entrepreneurs
What type of resources are labor, skills, talent, and education?
a) human b) natural c) capital goods d) entrepreneurs
What type of resources are tools, machinery, buildings, and trucks?
a) capital goods b) human c) natural d) entrepreneurs
What type of resources are people who can get a business going?
a) entrepreneurs b) human c) natural d) capital goods
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