Economic Principles & Decisions CE 11ab 14a-f

What is the term for the value of the next best alternative that is given up when a choice is made? (CE.11a)

• Scarcity
• Production
• Opportunity cost
• Consumption

Which of the following best explains why scarcity forces individuals and governments to make choices? (CE.11a)

• Resources are always renewable
• Goods and services are unlimited
• Resources and goods are limited while wants are unlimited
• There is no opportunity cost when making decisions

In which type of economy are most decisions made by custom and historical precedent? (CE.11b)

• Traditional economy
• Free market economy
• Command economy
• Mixed economy

Which type of economy features private ownership, competition, and minimal government involvement? (CE.11b)

• Mixed economy
• Command economy
• Free market economy
• Traditional economy

Which statement best describes a mixed economy? (CE.11b)

• The government makes all economic decisions
• Individuals have no control over what is produced
• Customs and traditions guide economic choices
• Both individuals and the government make economic decisions

Which of the following is the first step in planning for a career? (CE.14a)

• Writing a resume
• Applying for jobs
• Self-assessment of talents, interests, and aspirations
• Comparing salaries

Which of these is an example of a human capital trait that shows a strong work ethic? (CE.14b)

• Asking for frequent breaks
• Ignoring instructions
• Being dependable and on time
• Avoiding teamwork

What is most likely to happen when a person improves their education and job skills? (CE.14c)

• They will have fewer job options
• Their income will decrease
• They will have access to higher-paying jobs
• They will no longer need to work

How has globalization affected career opportunities for American workers? (CE.14d)

• It has made all jobs stay local
• It has created both competition and opportunities across international borders
• It has eliminated the need for skilled workers
• It has reduced the need for education

Which of the following is a responsible financial behavior for a citizen? (CE.14f)

• Spending more than they earn
• Ignoring contract details
• Saving and investing for the future
• Using credit without limits