Economics Basics

Question 1

Which of the following example shows scarcity?

Accepted Answer

John and Lucy both want cake, but there is only one piece

Question 2

Mark has $1 and both cake and pie cost $1. Mark chooses cake. What is the cost?

Accepted Answer

$1

Question 3

Tabitha owns an umbrella store. During a particularly month, it rains a lot. Because of this...

Accepted Answer

Demand for umbrellas will increase

Question 4

Mark has $1 and both cake and pie cost $1. Mark chooses cake. What is the opportunity cost?

Accepted Answer

Pie

Question 5

Which of the following is NOT an economic good?

Accepted Answer

A haircut

Question 6

Samantha goes to Starbucks and orders a chai tea latte. In this example, Samantha is the...

Accepted Answer

Consumer

Question 7

Which of the following is a Capital Resource?

Accepted Answer

A tractor

Question 8

Which of the following is an example of an economic good?

Accepted Answer

AirPods

Question 9

Which of the following is an Entrepreneurship Resource?

Accepted Answer

Using your own savings to start a business

Question 10

Which of the following is an example of an economic service?

Accepted Answer

A Car Wash

Question 11

Which of the following is a Natural Resource?

Accepted Answer

Wood

Question 12

In Economics we say that people have _______ wants but resources are ___________.

Accepted Answer

unlimited, limited

Question 13

Peter makes paper airplanes. If Sami opens his own paper airplane store, what will happen?

Accepted Answer

Peter will have to decrease his prices

Question 14

When an individual makes decisions about what he or she will consume, we call this...

Accepted Answer

Choice

Question 15

Which of the following is a Human Resource?

Accepted Answer

Mr. Rangel

Questions 15