Module 1 (The Basics Part 1) Lesson 1-12

Scarcity exists when there are _________ resources available to satisfy all the competing uses.

• Too Many

• Just enough

• Not enough

• None of the above

_________ is the study of how individuals and societies make choices under the condition of scarcity

• Captial

• Scarcity

• Economics

• None of the above

Which of the following is not one of the categories of economic resources:

• Labor

• Land

• Captial

• Money

Tools, equipment, machines, and infrastructure are all considered ___________ resources

• Labor

• Capital

___________ is the study of the economy as a whole.

• Macroeconomics

• Microeconomics

The ______ of a curve is the vertical difference between two points (rise) divided by the horizontal difference between two points (run)

• Vertical intercept

• Slope

• Horizontal intercept

A __________ is when you sacrifice something in order to gain something else

• Trade-off

• resource

• opportunity cost

• none of the above

_______________ is the value of the best alternative given up when a choice is made

• trade-off

• opportunity cost

• resource

• Neither

Opportunity costs include _______________

• Money

• Time

• Experiences

• All of the above

John goes to the movies on Friday night and pays $10.00 for a ticket. If John had worked instead he could have earned $40.00. What is John's opportunity cost of going to the movie?

• $50

• $30

• $40

• $10