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CE 11a - Economics
Test Description: Scarcity, choice, opportunity cost, resources, VA SOL
Instructions: Answer all questions to get your test result.
1) Resources and goods are limited, but human wants are ____.
A
ridiculous
B
necessary
C
expensive
D
unlimited
2) Which word means that there is never enough to match the total of what everyone wants?
A
resources
B
choice
C
opportunity cost
D
scarcity
3) Which word means selecting an item or an action from a set of all the possible alternatives?
A
resources
B
demand
C
choice
D
scarcity
4) Who has to deal with scarcity and choice?
A
governments
B
individuals
C
businesses
D
all of the choices
5) What is the term for the SECOND CHOICE - the choice you give up when you choose an item or action?
A
opportunity cost
B
resources
C
demand
D
supply
6) 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
a good grade
B
shopping
C
none of these choices
D
a tired brain
7) What type of resources are water, trees, land, wheat, iron, and oil?
A
entrepreneurs
B
natural
C
capital goods
D
human
8) What type of resources are labor, skills, talent, and education?
A
entrepreneurs
B
human
C
capital goods
D
natural
9) What type of resources are tools, machinery, buildings, and trucks?
A
natural
B
entrepreneurs
C
human
D
capital goods
10) What type of resources are people who can get a business going?
A
natural
B
capital goods
C
human
D
entrepreneurs
*select an answer for all questions
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