Unit 3 Review (part 1)

How does this example of voluntary exchange impact people in the United States and Brazil?

• both countries benefit

• Brazil benefits, but the U.S. does not

• neither country benefits

• the U.S. benefits, but Brazil does not

Which of the following must make economic choices because of scarcity?

• Consumers

• Businesses

• Countries

Which types of goods and services do countries usually specialize in?

• goods and services that sell for the highest prices

• goods and services they can produce most efficiently

• goods and services their citizens need most

• goods and services that cost the most to produce

Scarcity is a problem that occurs because

• wants and resources are both unlimited

• wants are limited and resources are unlimited

• wants are unlimited and resources are limited

• wants and resources are balanced

Which question best describes opportunity cost?

• the price a producer charges for a good or service

• the money you earn at a job if you work there for 20 years

• your odds of winning a lottery if you buy one lottery ticket

• the next-best option you give up when you choose something else

This quotation best illustrates which economic concept?

• Interdependence

• Entrpreneurism

• Voluntary Exchange

• Specialization

The region shown in the photograph would be most likely to specialize in which of these industries? (2 answers)

• agriculture

• mining

• manufacturing

• tourism

• fishing