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