2 Our Economic Choices

Multiple Select

1. What two categories are land resources divided into?

• Reusable

• Renewable

• farm land

• nonrenewable

Drag and Drop

What is the quantity of labor dependant on?​ ​

Placeholder

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The number of people willing to work

The number of hours available to work

The number of jobs available to work

The number of places to work

Dropdown

What is the reward that entrepreneurs are after?​

Select answer

Open Ended

Create a list of things that a person must consider as an entrepreneur starting a new business. (minimum 3 things)

Drag and Drop

What is the opportunity cost of producing one more unit called?​

Placeholder

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Production Cost

Potential Cost

Marginal Cost

Business Cost

Multiple Select

Pick 3 out of the 5 rights of the consumer?

• Right to Choose

• Right to Work

• Right to Privacy

• Right to Redress

• Right to Safety

Multiple Choice

What is an example of capital used in the production of goods and services?

• A bulldozer

• A forest

• A mineral deposit

• An idea for a new business

Multiple Choice

What is likely to happen when a worker performs a few tasks many times a day?

• The worker becomes less proficient over time

• The worker may feel bored and unsatisfied with the job

• The worker is likely to be more proficient than a worker who performs several different tasks in the same period

• The worker will demand higher wages for the repetitive work

Multiple Choice

How can the assembly of a product demonstrate specialization?

• By having one worker assemble the entire product from start to finish

• By having the product assembled in one location without dividing the tasks

• By breaking down the assembly into a number on separate tasks to be performed by different workers

• By outsourcing the assembly to a single specialized company

Multiple Choice

Are entrepreneurs considered a part of labor in the four factors of production?

• Yes, they are the same as labor

• No, they do not include the entrepreneur

• Yes, but only in certain types of economies

• No, entrepreneurs are considered natural resources

Multiple Select

What four factors of production are necessary to bring clothing to consumer markets?

• Capital

• Raw Materials

• Entrepreneurship

• Labor

• Land

Multiple Choice

What do all points on the Production Possibilities curve indicate?

• They represent the underutilization of resources in an economy

• They represent the maximum combinations of output if all resources are fully employed

• They represent the potential output if the economy is in a recession

• They represent the theoretical output that cannot be achieved in reality

Multiple Choice

What is the definition of opportunity cost?

• The cost of purchasing an item or service

• The cost of the next best alternative use of money, time, or resources when one choice is made rather than another

• The total amount of money spent by a country on production

• The financial loss incurred by choosing one investment over another

Drag and Drop

Which of the following is NOT one of the rights of consumers?

Placeholder

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The right to safety

The right to be informed

The right to free products

The right to redress

Multiple Choice

What is expected of an ethical consumer?

• To purchase the most expensive product

• To do his or her homework when searching for a product

• To ignore product safety standards

• To only buy from certain brands

Dropdown

What are trade-offs in the context of opportunity cost?

Select answer