Economics Unit 1 (NEW)

What scarcity-related choice must the owner of this calendar make?

• how to conduct meetings

• how to best use her time

• what to say on conference calls

• what to say about campaign targets

A person is considered an entrepreneur because she

• has earned millions of dollars.

• has many employees who work for her.

• combined resources to create new products.

• was a woman who succeeded in a male-dominated industry.

Which of the following conclusions is compatible with this graph?

• The United States has an oversupply of petroleum.

• The United States has a scarcity of petroleum.

• The United States exports more oil today than it did in the past.

• The United States imports more oil today than it did in the past.

This image of nearly empty shelves of bottled water indicates

• that there is a shortage of bottled water.

• that there is a scarcity of water.

• that water is not an abundant resource.

• that bottled water is a limited resource.

Identify the physical capital in this photo.

• the house

• the crop

• the farmer

• the tractor

Which of the following is an example of a land resource that a person who owns a restaurant would need?

• the servers who wait on customers

• the farmer who grows the vegetables served at the restaurant

• the water used to for drinking and cleaning

• the building where the restaurant is located

Which of the following is true about the photo shown here?

• This man is improving his human capital by learning a skill.

• This man is using up his physical capital by working hard.

• This man is improving the physical capital at the hospital.

• This man is gaining financial capital by working.

Which of the following is an example of scarcity rather than shortage?

• Extremely hot temperatures lead to increased air-conditioner use and power outages.

• There aren’t enough software engineers to fill all the job openings in Silicon Valley.

• Newly discovered Van Gogh paintings are put up for auction and sell for millions.

• During the holiday season, an outfitter runs out of skis.

In a cost/benefit analysis, what would be the benefit of taking the Dallas North Tollway instead of Routes 75 and 380?

• That route would cost less in tolls.

• That route would cost more in tolls.

• That route would require more travel time.

• That route would require less travel time.

If the libraries in question are public, what trade-off is illustrated by the photograph above?

• lower taxes versus more government services

• books versus computers at the library

• bookstores versus libraries

• libraries versus schools