Are You Satisfied LAP Quiz

1. The study of how to meet unlimited wants with limited resources is

• 1. economics.

• 1. marketing.

• 1. management.

• 1. distribution.

1. Economics involves decision-making because most individuals must determine

• 1. what occupation appeals to them.

• 1. how to get the most with the least.

• 1. the cost of their noneconomic wants.

• 1. which capital goods to buy for their use.

1. Limited resources are those that are

• 1. abundant.

• 1. easily replaced.

• 1. scarce.

• 1. unnecessary.

1. The desire for an item that has monetary value is a(n) __________ want.

• 1. intangible

• 1. unlimited

• 1. noneconomic

• 1. economic

1. The gap between unlimited desires for products and limited resources is known as

• 1. unemployment.

• 1. abundance.

• 1. conservation.

• 1. scarcity.

1. Which of the following is an economic activity:

• 1. Balancing a checkbook

• 1. Following the stock market

• 1. Purchasing a candy bar

• 1. Reading a bank statement

2. Making the best use of limited economic resources is called

   .

• 1. growth.

• 1. economizing.

• 1. stabilizing.

• 1. scarcity

1. When a choice is made about the best use of resources, the next-best alternative that is given up is called the __________ of that choice.

• 1. opportunity cost

• 1. economics

• 1. trade-off

• 1. scarcity

1. Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of the decision?

• 1. Concert tickets

• 1. DVD player

• 1. Birthday check

• 1. $50

1. Which of the following factors has an influence on the monetary value of resources:

• 1. Prosperity

• 1. Productivity

• 1. Opportunity

• 1. Diversity