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WorksheetsScarcity and Choice
Total questions: 15
Worksheet time: 23mins
Which of the following can be scarce? Select all that apply.
money
food
water
trees
True/False: Human wants will always exceed available resources.
TRUE
FALSE
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
Which one of the following is an opportunity cost?
You stay out late and your parents ground you.
You run a red light and you get a ticket.
You choose to give up math to study for history.
In a softball game, you miss the ball and strike out.
In economics a decision is free if:
There is no money involved.
There are no products involved.
There is no exchange with another person.
A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.
The concept of opportunity cost would no longer be relevant if
poverty in an economy no longer existed
the supply of all resources were unlimited
resources were allocated efficiently
real wages were flexible
all current incomes were invested in technological research
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Physical capital refers to the human-made objects used to create other goods and services.
True
False
