CH. 1 Economics Quiz

Something advantageous or positive, especially as the result of a decision

• cost

• benefit

• idea

• product

Choose the correct definition of voluntary.

• something advantageous or positive, especially as the result of a decision

• done or given by choice, with free will

• focusing on efficiently producing a limited number of goods and services

• the value of what you have to give up in order to choose something else

Choose the correct definition of consequence.

• something that is a new idea or process

• 
  something that is against the law

• something that happens as a result of an action, event, or circumstance

• 
  something that happens before an action, event, or circumstance

The buying and selling of goods and services

• title

• production

• import

• trade

Choose the correct definition of cost.

• a decision about getting something

• something that is lost or given up in the process of getting something else

• something that is a gain in the trade-off of getting something else

• a restriction on the size or amount of something

The measure of a nation's quality of life based on income, education, life expectancy, and other factors

• specialization

• benefit

• opportunity cost

• standard of living

Choose the correct definition of interdependent.

• people, societies, or other groups who avoid interaction

• people, societies, or other groups who rely on each other for survival or success

• people, societies, or other groups who compete with each other for survival or success

• people, societies, or other groups who do not share markets

Choose the correct definition of specialization. (Make sure you read the question carefully to select the correct definition.)

• focusing on efficiently producing a limited number of goods and services

• focusing on efficiently producing all the needed goods and services

• focusing on efficiently using a limited number of goods and services

• focusing on efficiently using all of the needed goods and services

Choose the correct definition of opportunity cost.

• The value of what you have to give up in order to choose something else

• to trade goods and services without using money

• a process in which something is chosen at random

• a saying that means that the first things to arrive or appear will be the first things to be taken care of

The lack of resources to produce all the goods and services that are needed or wanted

• unlimited

• scarcity

• trade-off

• consume