Test - Business Essentials 2.0

Which is not an example of an economic want?

• Friends

• Jewelry

• Car

• Cell phone

This is an example of :

(sunshine)

• Economic want

• Non Economic want

• Friends

• Scarcity

Which is NOT a type of Resources?

• Natural

• Human

• Capital

• Material

You stay home and study for a test instead of going out with friends is an example of :

• Scarcity

• Opportunity cost

• Human resourse

• Because your bf/gf broke up with you

John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?

• New Pair of jeans

• $40

• Trip to amusement park

• No opportunity cost was involved

What are the three basic economic questions?

• When will products be produced, how will products be produced, and how will products be allocated

•                 What products will be produced, how will products be produced, and how will products be allocated

• When will products be produced, what products will be produced, and how will products be allocated

• Why, Why, How

The ultimate goal of all economic activity is

• consumption

• production

• exchange

• distribution

Two factors involved in determining the value of a resource, good, or service are

• demand and desires

• availablity and trade-offs

• availability and demand

• productivity and opportunity costs

A producer is someone who

• sells products

• makes things

• is very creative

• employees others

Farms, mines, and lumber companies are examples of

• builders

• manufacturers

• trade industries

• raw goods producers