Unit 8 Test

Which economic term best describes the scenario above? A hurricane left the city without electricity for a week. Stores quickly ran out of water and food. The lack of water and food causes

• Choice
• Scarcity
• Production
• Competition

If you are a farmer which of the following represents a capital resource?

• Farmer
• Tractor
• Cow
• Corn

When Derrick decides between the football and the video game, he is making-

• a choice.
• a resource.
• an incentive.
• production

Which is the opportunity cost

• $25
• $50
• Football
• Video game

What is the best title for the process shown in the diagram?

• Choice
• Scarcity
• Production
• Opportunity cost

Consumers using goods and services is an example of-

• scarcity
• incentives
• production
• consumption

Coal, Water, and Oil are know as what

• Main resources
• Capital resources
• Human resources
• Natural resources

Which statement best completes the diagram below?

• Competition
• Individual Choice
• Consumer Sovereignty
• Government Regulation

In the picture show, Gabe is the-

• Main resources
• Capital resources
• Human resources
• Natural resources

What is the best title for the list below?

• Choices
• Scarcity
• Resources
• Consumption