Duplicate of Duplicate of Unit 1 Review 2023

Question 1

In a command economy, who answers all of the economic questions?

Accepted Answer

central government

Question 2

Oil that is discovered in Illinois is an example of land (factor of production).

Accepted Answer

True

Question 3

What is an example of utility?

Accepted Answer

Watching tik-tok clips to be entertained

Question 4

The economic system of the United States is a(n):

Accepted Answer

Mixed-Market Economy

Question 5

A student makes jewelry to sell at school is an example of which factor of production?

Accepted Answer

Entrepreneurship

Question 6

The four factors of production: land, labor, capital, entrepreneurship. Select the list that gives an example of each.

Accepted Answer

Owner, coal, miner, drill

Question 7

Opportunity cost is...

Accepted Answer

the next bestthing you give up to get what you want

Question 8

The oven used to make hot sandwiches at Subway is an example of which factor of production?

Accepted Answer

Capital

Question 9

Societies must choose how to use their resources because:

Accepted Answer

there are scarce resources to do everything society needs and wants

Question 10

Work and make $30K after high school or go to college for $10K. Opportunity cost for going to college for a year is...

Accepted Answer

$30,000

Question 11

Anthony has $75 to either buy a full tank of gas or new clothes. If he buys clothes, what is the opportunity cost?

Accepted Answer

the usefulness of a full tank of gas

Question 12

The cook at Burger King is an example of which factor of production?

Accepted Answer

Labor

Questions 12