stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics standard 1 quiz Flashcards | StudBud
Explore
/
Economics standard 1 quiz
Economics standard 1 quiz
23 terms
·
StudBud Administration
·
4 plays
Quiz review covering standard SSEF1
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
What is the difference between goods and services?
Goods are things and services are actions
Goods and services are the same things with different names
Goods are foods and services are drinks
Goods are cheap and services are expensive
2
Whcih is NOT an allocation strategy?
majority rule
contests
price
stealing
3
What is not one of the 3 economic questions?
Who gets what is produced?
What should be produced?
How to produce?
When to produce?
4
Which is an example of allocating scarce resources?
Government using tax money to build schools
Making movies
Getting a job
Going to college
5
Natural resources such as wheat, water, and iron ore would be considered which resource?
entrepreneurship
land
capital
labor
6
The study of how individual people, businesses, and governments can best allocate their limited resources is called...?
entrepreneurship
economics
scarcity calculation
government regulation
7
Sydney must choose: dinner or football game. Both cost $20. She chose the football game. What was her opportunity cost?
dinner
football game
$20
She was hungry.
8
What does the word allocate mean?
to negotiate
to profit
to collect
to distribute
9
What are services?
ugly bugs
costs of running a business
things that people make or grow
when you pay someone to do something for you
10
Marie worked at Taco Bell. Which factor of production was she?
capital
land
labor
entrepreneurship
11
Resources used to make goods and services are:
gross national product
specialization
trade offs
factors of production
12
A system of allocation in which resources are taken by or given to the first people to arrive is?
Force
Authority
First Come, First Serve
personal characteristic
13
Which is NOT a trade-off?
When you give up something to have something else.
Giving someone 2 Cokes for 2 bags of Takis
Working full-time and not going to college
Not going to the movies so you can afford to buy food.
14
Why do the 3 economic questions have to be answered?
If you want to open a business, the 3 questions are on the test.
They are required to pass economics class.
People are greedy.
Scarcity requires figuring out how to allocate (divide/use) resources
15
Because of ______, all of us make trade-off decisions.
Lousy government
Taxes
Scarcity
Religion
16
What are goods?
different types of jobs
something that is good
none of the above
things that people make or grow
17
Which of the following motivates entrepreneurs to take risks and start new businesses?
government rules
scarcity
profit (earn money)
private ownership
18
Unlimited needs and desires conflicting with limited resources is the definition of. . .?
productive resources
opportunity cost
scarcity
trade offs
19
Used toilet paper is a scarce resource.
True
False
20
What you give up when you make an economic decision (choose one) is called what?
opportunity cost
trade off
scarcity
marginal benefit
21
A factory's equipment would be considered which of the following productive resources?
capital
entrepreneurship
land
labor
22
A system of allocation where each person/group gets equal amounts of a scarce resource is?
Democracy
Majority Rules
Sharing
Contest
23
A system of allocation where resources are randomly distributed is?
Rock, Paper, Scissors
Good luck
First come, first served
Lottery
