Economics 1
Economics 2
Economics 3
Economics 4
Economics 5
100
Economics is about making ______. A. resources B. capital C. choices D. money
What is C. Choices
100
_____ is the basic economic problem. A. Scarcity B. Production C. Labor D. Capital
What is A. Scarcity
100
People who take risks to start a new business or improve an old one are __________. A. managers B. entrepreneurs C. employees D. manufacturers
What is B. entrepreneurs
100
Giving up one thing for another is a _____. A. trade-off B. service C. need D. want
What is A. trade-off
100
Something that is necessary to stay alive is a _____. A. good B. service C. need D. want
What is C. need
200
A product moves from worker to worker on a(n) ____. A. land B. down C. production D. assembly line
What is D. assembly line
200
Natural resources include water, minerals, and ____. A. services B. land C. opportunities D. wants
What is B. land
200
People who do work for others for a fee provide ____. A. services B. land C. production D. technology
What is A. services
200
The computer is an example of ___ that has changed the way businesses work. A. productivity B. production C. opportunity D. technology
What is D. technology
200
Henry Ford's ideas led to increased _____. A. production B. services C. opportunities D. wants
What is A. production
300
When you make a choice, you give up other ___. A. services B. wants C. technology D. opportunities
What is D. opportunities
300
The cost of a trade-off is a(n) ___. A. down B. assembly line C. opportunity cost D. production
What is C. opportunity cost
300
When workers produce more, prices may _____. A. go up B. go down C. stay the same D. go up and down
What is B. go down
300
People have unlimited _____. A. technology B. opportunities C. land D. wants
What is D. wants
300
Natural resources, labor, and capital are factors of ___. A. opportunities B. services C. technology D. production
What is D. production
400
An item that people buy is a(n) ____. A. labor B. capital C. good D. database
What is C. good
400
_____ is when a person, country, or region makes one part of an item. A. Specialization B. Production Possibilities C. Manufacture D. Labor
What is A. specialization
400
_____ is another word for all kinds of work. A. Capital B. Labor C. Specialization D. Production
What is B. Labor
400
_____ is turning materials into products. A. Division of labor B. Economics C. Labor D. Manufacture
What is D. Manufacture
400
The study of how people and countries make choices is called _____. A. Specialization B. Opportunity Cost C. Economics D. Capital
What is C. economics
500
How have computers changed people's lives?
Computers have changed education by giving students access to information on the internet, as well as educational software.
500
How does new technology affect productivity?
New technology increases productivity.
500
How can you tell if labor is scarce?
When labor is scarce it is more expensive.
500
If you take a part-time job while still in school, what might your opportunity cost be?
You will have less time for leisure, sleep, and studying.
500
Why is it impossible for people and governments to do all the things they want?
People and governments have greater needs and wants than they do resources.
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