Government and Economics Review

What is an opportunity cost?

• The value of goods and services that are made.

• The value of a decision when something is given up.

• The value of what is given up when a decision is made.

• The value of prices and services that used by consumers.

Why is it important to think a lot before making a choice?

• Because choices never have costs.

• Because choices take a lot of time.

• Because choices always have costs

• Because choices work are important

What does it mean to allocate something?

• To give in

• To take up

• To give out

• to take out

A majority of Jaylyn's classmates voted for her to be class president. How were the votes allocated?

• force

• majority rule

• lottery

• first come - first serve

Which type of allocation most benefits someone with a job and income because they can afford more?

• price

• Force

• Contests

• majority rule

What is one benefit to using money versus bartering for items.

• bartering can lead to arguments over time.

• the value o money remains the same over time.

• the value of items can increase in value over time.

• Using money will force people to talk to each other.

What is one benefit of using money in our economy?

• Money helps us barter with each other.

• Money gives us information on services.

• Money lets us know how much items cost

• money provides us a chance to be neighbors.

What us one benefit to saving money instead of spending it?

• You can buy something less expensive in the future.

• You can buy something now instead of the future.

• You can buy something more expensive in the future.

• You can buy something at a different store in the future.

What is a government?

• It is a business for people to buy and see goods.

• it is a place where people can go and meet other citizens.

• It is a way for people to come together to solve problems

• It is a way way for people to create problems

What is one job of the government ?

• To make goods to sell

• To make rules and laws

• to make coins and dollars

• to make factories to produce goods.