The Gold Rush & Economics

Which of the following is an example of a voluntary exchange that may have occurred on the Oregon Trail?

• a settler has to pay TAXES on food he buys
• a settler GIVES another family some food and RECEIVES a wheel for their wagon
• a settler is charged a PENALTY for sleeping along the Oregon Trail
• a family SENDS food back to their relatives in Kentucky

During the California Gold Rush, miners made many trades and sacrifices. Which of the following is an example of a voluntary exchange?

• pays taxes on income earned by mining and selling gold
• sends gold to family members living on the East Coast
• fined for mining on land claimed by another person
• gives a shop owner gold and receives a new pick-axe

As the United States expanded westward, which of the following was NOT a means by which they acquired land? Acquired means "how the government got land."

• The US Government PURCHASED land from other countries. (did this happen?)
• The US Government FOUGHT WARS with American Indians that held the lands. (did this happen?)
• The US Government FOUGHT WARS with other countries that held the lands. (did this happen?)
• The US Government PURCHASED land from American Indians. (did this happen?)

What is a forty-niner?

• Someone who traveled to California around the year 1849 looking for gold.
• Someone who plays football in Texas.
• Someone who traveled to California to help Mexico gain independence from Spain.
• Wells & Fargo because they started a very successful business during the Gold Rush.

The most common way to become wealthy during the California Gold Rush was:

• finding gold.
• stealing gold.
• setting up a business to sell items to miners.
• becoming a trail guide to help people get to California.

When making decisions, you knowingly give up things. This trade-off is best known as:

• An investment
• An expense
• An opportunity cost
• A voluntary exchange

Which of the following is a synonym for an opportunity cost?

• A tax
• A trade-off
• An expense
• An investment

Cindy has a Math test on Thursday and wants to study Wednesday night. A friend invites her to go to Costco to get pizza. She decides she would rather study for her Math test. What is her opportunity cost? What does she give up?

• Eating pizza with her friend
• Studying for her test
• Making an A on her test
• Having a great time at Costco

You have to choose whether to go to your little brother's football game, or to stay home at watch March Madness on television. The second choice (the option you did NOT choose) between two options is known as which of the following:

• a form of income
• a type of savings
• an opportunity cost
• an economic benefit

When a person has to make a choice between two options, the first choice is the action they chose, and the second choice is the action they did not choose. What is another name for the option they did not choose?

• economic benefit
• value judgment
• trade expense
• opportunity cost