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WorksheetsUnit 1 Test 1 Review
Total questions: 12
Worksheet time: 6mins
What is scarcity?
When there is a limited amount of resources
When there is an unlimited amount of resources
When there is enough for everyone
A resource we can never run out of
What is an example of a scarce resource?
Air
Garbage
Oil
Outer Space
True or False: Every choice has a cost
True
False
What is opportunity cost?
This is the choice you made
This is an alternative you never wanted
This is what you give up when making a choice
This is what you wish you had instead
Which is not a factor of production?
Land
Labor
Capital
Money
Anything that is found on, above, or below the Earth and used to create a product is an example of what factor of production?
Land
Labor
Capital
Anything that is done by humans to create a product is an example of what type of factor of production?
Land
Labor
Capital
Anything that is done by machine and tools to create a product is an example of what type of factor of production?
Land
Labor
Capital
This graph shows the amount of gun and butter that can be produced. At what point is the country producing mostly butter?
Point A
Point B
Point C
Point D
This graph shows the amount of gun and butter that can be produced. What is the opportunity cost from moving to Point B to Point C?
Giving up some butter
Giving up nothing
Giving up some guns
Point D
This graph shows the amount of gun and butter that can be produced. At what point is the country not producing up to potential?
Point A
Point B
Point C
Point D
This graph shows the amount of gun and butter that can be produced. What point is impossible to produce at?
Point A
Point B
Point C
Point X
