Unit 1 Part 2: Question Preview (ID: 2488)

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Trade Off
a) The cost of choosing 1 choice over another
b) Giving up 1 thing for another
c) Factors of Production
d) Capital

Factors of production
a) Land, Trees, Capital
b) Workers, Capital, Money
c) Land, Labor, Capital
d) Land, Labor, Capital, Entrepreneurs

a) A person that combines resources to create a new good
b) A new job
c) Anything used to creat a new good
d) Anything used to creat a new service

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

If oil is mined from Alaska what are opportunity costs of this decision?
a) Oil, Jobs, Higher Gas Prices
b) Wilderness destroyed, animals killed, natural beauty harmed
c) New fish
d) People begin to eat oil

3- Economics is the study of the ___________ that people and societies make in allocating scarce resources.
a) Labor
b) Capital
c) Service
d) Choices

a) Waiter, Snow plower
b) Hammer, Car
c) Snow Plow
d) Computer

a) Waiter, Snow Plower
b) Hammer, Car
c) Teacher
d) Lawn Service

On a Production Curve: If you are on the line you are producing_____________ ?
a) Under Utilization
b) Efficiently
c) At cost
d) Limit

What are 3 ways to move to a new frontier?
a) Buy, Sell, Share
b) Technology, Education, More workers
c) Technology, Education, Less Workers
d) Education, Labor, Capital

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