Topic 1 Quiz Review for What is Economics?

When a company hires individuals to work in their manufacturing facility, what productive resource is this?

• capital resource

• human resource

• natural resource

The use of land, air, water, paper, etc, is an example of what productive resouce?

• capital resource

• human resource

• natural resource

A local company invests $100,000 on new equipment. What type of productive resource is this?

• capital resource

• human resource

• natural resource

The United States is studying the effects of the coronavirus on unemployment, this is

• macroeconomics

• microeconomics

Dixon Public Schools is analyzing home values for tax purposes. This is

• macroeconomics

• microeconomics

A young family decides to spend their $1,200 stimulus check to buy two tablets for their young children instead of going on vacation. What is the opportunity cost?

• tablets

• vacation

The highest valued item given up when a choice is made is called a/an

• marginal benefit

• opportunity cost

• capital good

• natural resource

Social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources.

• economics

• scarcity

• microeconomics

• macroeconomics

Inequality between wants and resources available to satisfy them.​

• opportunity cost

• scarcity

• marginal cost

• microeconomics

Which is not a characteristic of an entrepreneur?

• creative

• procrastinator

• innovative

• good management skills