1.0 Economic methodology and the economic problem

What is the opportunity cost of increasing production of chicken nuggets from 17 to 41 orders? 

• 11 French Fries 
• 11 Chicken Nuggets 
• 14 French Fries 
• 14 Chicken Nuggets 

Opportunity Cost is best defined as

• The best rejected alternative you give up when making a decision 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

Cuba and North Korea are examples of which type of economy?

• Mixed
• Free Market
• Traditional
• Command

The inability to satisfy all wants at the same time is called?

• Scarcity
• Prodcution
• Consumption
• Resources

Sarah must choose between going to the movies or buying a new game. She chooses the game. Going to the movies is Sarah's--

• Choice

• Opportunity cost

• Consumer soveriegnty

• Competition

A _______________ economy is centrally planned and centrally owned by the government.

• Traditional
• Free Market
• Command
• Mixed

Free market economies have

• Total government involvement
• Minimal government involvement
• Mixed government involvement

Alex Smith quarterback for the Kansas City Chiefs NFL team, would be considered which one of the 4 economic resources?

• Land 
• Labor  
• Capital  
• Entrepreneurship

Soil, minerals, air, water, and coal are all examples of

• Fossil fuels
• Conservation
• recycling
• natural resources

A person that takes a risk by starting a new business.

• human capital
• capital goods
• entreprenuer
• tariff