Buying Stuff 11a

Buying Stuff 11a

Multiple Choice

1. According to the definition of economics above, which of the following is not part of economics?

• Knitting hats to sell on Etsy.

• Buying a Happy Meal at McDonald's.

• Cleaning someone's house when they are sick.

• Driving a tractor trailer for Walmart.

Multiple Choice

Which is a service, not a good?

• a doctor's check-up

• medicine

• bandaids

• thermometer

Multiple Choice

Why is consumer preference important to production?

• Owners of factories don't know what people want.

• Producers of goods need to know how far consumers will travel to buy a product.

• If factories make products people don't want, they won't be able to sell their products.

• Those who produce goods don't make them until contacted by consumers.

Multiple Choice

Which is true of scarcity?

• If the store shelf is empty, you cannot buy the product.

• Stores hide products so consumers will pay more for it when it reappears again.

• Scarcity happens because consumers make bad choices.

• Items become scarce in stores only during a pandemic.

Multiple Choice

What is true about choice?

• Most stores don't provide enough choices for consumers.

• Factories want consumers to choose, so they create many different products.

• A consumer cannot have everything she wants.

• Factories are able to produce enough to meet all of a consumer's needs and wants.

Multiple Choice

Which is an example of opportunity cost?

• Bobby Sue buys her little brother the most popular toy for his birthday.

• Bobby Sue gets a job with a higher paying salary.

• Bobby Sue plays games on her Chromebook while at CHS instead of doing her civics homework.

• Bobby Sue no longer likes Doritos and begins buying Takis.

Multiple Select

7. Which one is it? Juanito is saving for a new phone, but his favorite band comes to town. He decides to buy concert tickets with the money instead.

• opportunity cost

• choice

• scarcity

• production

Multiple Choice

Which one is it? Abrahim sets up a lemonade stand to save money for a game he wants.

• opportunity cost

• choice

• scarcity

• production

Multiple Choice

Which one is it? A group sells pork barbecue to raise money for a family's medical bills.

• opportunity cost

• choice

• scarcity

• production

Multiple Select

Which one is it? (More than one may be correct.) Denzel wants to hang out at the mall with his friends after school, but he has football practice.

• opportunity cost

• choice

• scarcity

• production