Economics Quiz

Natural resources are—

• goods made by people and used to produce other goods and services

• people working to produce goods and services

• materials that come directly from nature

• things that people make or use to satisfy their needs and wants

Which two images show capital resources?

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What is specialization?

• producing a specific good or service

• trading with others

• when someone has something you don't

• a resource that people trade

What is an opportunity cost?

• The choice between two possibilities

• The next best choice; the choice you give up or sacrifice

• The choice you make

• A type of economic specialization

Virginia specializes in the production of which good and service?

• Olive picking and grapes

• Silk making and rice

• Shipbuilding and coal

• Gold mining and salt

Adam has to choose between Nuggets or a Cheeseburger. He decides on getting a Cheeseburger. What was the opportunity cost in this decision?

• French fries

• Cheeseburger

• Nuggets

• Adam

With $1.00 you can buy either an ice cream or a candy bar. You are making a(n)—

• opportunity cost

• scarcity

• specialization

• economic choice

Which of the following is an example of a natural resource?

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What are goods?

• Things we do for other people

• People who use resources

• Things people make or use

• Activities that satisfy wants

What are services?

• Things we do for other people

• People who use resources

• Things people make or use

• Activities that satisfy wants