Economics Progress Mastery Assessment STUDY GUIDE

Mireya needs to study for her math test tomorrow.  However, Ava and Phoebe invited her to hang out at the park. If Mireya goes with Ava and Phoebe, which of the following is an opportunity cost?

• She doesn't get to see the pretty park.

• Lack of support from her friends.

• Mireya's score on her math test

• Ava and Phoebe will not be her friend if she doesn't go.

Josie and Sterling loaded their van with fruit from their garden to sell at a local market. Which of the following BEST describes Josie and Sterling's van?

• The van is a human resource.

• The van is a capital resource.

• The van is a natural resource.

• The van is a land resource.

Kamryn says that countries create currency so people can buy goods and services. Is Kamryn correct?

• Yes, she is correct.

• No, she is not correct.

Feven and Kaci work at Chic-Fil-A. What type of resource are Feven and Kaci?

• Natural

• Land

• Human

• Capital

Charlie and Patrick were able to buy different types of shoes at their local shoe store. What is the MOST LIKELY reason that Charlie and Patrick's store has shoes?

• The shoes were made by workers at the store and put on sale.

• The shoes were made by the local government using taxes.

• The shoes were made in another part of the country and sent to the store.

• The shoes were made by the local basketball team and sent to the store.

Which of these is an example of a human resource?

• ocean

• forest

• teacher

• phone

Ekin and Eliyana are entrepreneurs. What are their main goals?

• To pay taxes

• To make a profit

• To read more books

• To become the mayor

Which of the following are MOST LIKELY paid with money collected through taxes?

• football players, basketball players, tennis players

• teachers, firefighters, mayors

• barbers, waitresses, cooks

• builders, mechanics, farmers

Which would be paid for using tax dollars?

• public library

• restaurant

• bank

• shopping mall

Who is a consumer?

• Ace because he has a job.

• Judah because he buys goods and services.

• Josue because he provides a service.

• Rui because he gets a loan from a bank.