CE 11 Economics (2015 standards)

What is consumption?

• The using of goods and services.

• Making of goods and services.

• That which is given up when a choice is made.

• That which determines a price.

Trees are an example of what type of resource?

• Human

• Capital

• Natural

• Entrepreneurship

A bulldozer is an example of what type of resource?

• Human

• Capital

• Natural

• Entrepreneurship

Tamara won the lottery and has decided to invest the money in the stock market instead of building a new home at the beach. What is her opportunity cost?

• The time she could spend surfing.

• The interest she earns on the money.

• The cost of the lottery ticket.

• The cost of the new home.

Which statements describe what could have happened between June and July?

• They increased the price of each bracelet.

• The demand for the bracelet decreased.

• The bracelet became more popular.

• Another company also started selling bracelets.

• Oil Scarcity

• Water Shortage

• Electric Grid Failure

• Food Rationing

The inability to satisfy all wants and needs at the same time. All resources and goods are limited. Limited goods and services require a choice to be made. Identify the term being defined.

• Resources

• Opportunity Cost

• Scarcity

• Consumption

All of the following are considered types of resouces except-

• books

• human

• nature

• capital

Maggie did not buy the shirt she wanted until it went on sale. What was her incentive to buy the shirt?

• Supply

• Original Price

• Sale Price

• Lack of Resources

What is the process of buying goods and services?

• Distribution

• Production

• Consumption

• Goods