Which of the following is the opportunity cost if a student decides to spend an entire Saturday at the beach?

missing her best friend’s basketball game

In which of the following situations does a particular economy have an absolute advantage in car manufacturing?

Econ can produce higher quality cars when comp to the cars prod by othes

What is a common example of a free good?

Water from a stream in a National Forest

Why is economics considered a social science?

It is based on the behaviors and relationships of groups of people.

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Economics Basics

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Questions 11

Answers

1
Scarcity is temporary.
True
False
2
Which of the following is the opportunity cost if a student decides to spend an entire Saturday at the beach?
cost of gas to get to the beach
sunburn from spending the day at the beach without sunscreen
missing her best friend’s basketball game
cost of snacks at the beach
3
When an economist studies macroeconomics, they can study which of the following?
externalities from production, like pollution
wage determination
consumer behavior
inflation
4
In which of the following situations does a particular economy have an absolute advantage in car manufacturing?
The economy can produce a car more efficiently than other economies.
The economy can produce the least expensive cars for consumers.
Econ can produce higher quality cars when comp to the cars prod by othes
The economy can produce the most expensive cars for consumers.
5
Which factor of production does car repair from an auto mechanic fall under?
land
capital
entrepreneur
labor
6
Human-made objects that are used to create goods and services are
physical capital
labor
land
human capital
7
What is a common example of a free good?
Electricity
Water from a stream in a National Forest
A video game bought from a store
Coal taken from a mine
8
Shortages are constant.
True
False
9
A person who assumes risk in order to make a profit by providing goods or services is a(n)
socialist
entrepreneur
capitalist
economist
10
Why is economics considered a social science?
It is based on the behaviors and relationships of groups of people.
There is a lack of funding for economic research.
Human behavior cannot be studied using the scientific method.
There is a lack of information on the subject.
11
If an economist is studying supply and demand in individual markets, they are likely studying
macroeconomics
microeconomics

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