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