Economics Quiz

According to this textbook, an example of a nonrenewable resource is oil.

To an economist, capital refers to machinery and tools.

Which of the following is a renewable resource?

• oil

• timber

• coal

• natural gas

Economists believe that the British troops probably wore bright red uniforms due to the important economic concept of opportunity cost.

Economists believe that people respond allocates products to those who are willing and able to pay.

Another word for marginal is additional.

Mandatory to incentives.

Incentives include seatbelt laws have All of the above.

In economics the opportunity cost of something is what you give up to get the item.

High school athletes who choose not to attend college but instead select professional sports have weighed the costs and benefits.