CE 11a - Economics Question Preview (ID: 3492)


Scarcity, Choice, Opportunity Cost, Resources, VA SOL. TEACHERS: click here for quick copy question ID numbers.

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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