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Chapter 1 Test Review
A market is?
Opportunity cost is:
Chapter 1 Test Review
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The basics of Economics
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Answers
1
Opportunity cost is:
Highest valued thing given up as a result of another choice
Nothing given up will gain you nothing
Equal valued thing given up as a result of another choice
Lowest valued thing given up as a result of another choice
2
A market is?
What I use to write with
Something you write with
It allows buyers and sellers to make exchanges
An arrangement of fruit stands in a mall
3
Economics is:
How much data I have on my phone
How money is made
How people choose to satisfy their wants
STUDY OF HOW PEOPLE DECIDE TO USE SCARCE RESOURCES
4
Microeconomics is:
The study of individuals and businesses
The study of this class
The study of microrganisms
The study of microscopes
5
Profit is:
total sales = total costs
total sales > total costs
total sales < total costs
negative rewards for making a choice
6
Factors of production are?
Land, labor, captain crunch and entrepreneurship
Land, ladders, capital and entrepreneurship
Land, labor, capital and entrepreneurship
Land, light saber, capital and entrepreneurship
7
Macroeconomics is?
The study of the economy as a whole
the study of the economy as a business
The study of a free economy
The study of macaroni
8
Scarcity is:
Wants < Available resources
A place in Rogersville
Wants > Available resources
Available resources < Wants
9
An economic system is formed by:
consumers, city hall, and churches
where people get together and share ideas
consumers, businesses, and government
where you organize and coordinate choices
10
Entrepreneurship is:
the skills needed to start and operate a business
business of shoveling meneur
a business relationship
Consumption
