Which phrase best defines scarcity?
(1 point)
Responses
a state in which productive resources are not enough to create a given good or service
a state in which productive resources are not enough to create a given good or service
a state in which human wants are greater than the resources available to fill those wants
a state in which human wants are greater than the resources available to fill those wants
a state in which too few choices exist for a consumer to fulfill needs and wants
a state in which too few choices exist for a consumer to fulfill needs and wants
a state in which the opportunity costs of a given choice are less than the benefits of a given choice
The correct answer is: a state in which productive resources are not enough to create a given good or service.
How are capital resources used in production?
(1 point)
Responses
They allow producers better access to world markets.
They allow producers better access to world markets.
They provide tools that make production more efficient.
They provide tools that make production more efficient.
They make it possible to employ more skilled laborers.
They make it possible to employ more skilled laborers.
They purchase the raw materials needed for production.
The correct answer is: They provide tools that make production more efficient.
Which of these is the most likely opportunity cost of choosing to play a board game rather than going to the movies?
(1 point)
Responses
being able to visit with friends
being able to visit with friends
spending money on the board game
spending money on the board game
being able to see a new movie
being able to see a new movie
spending money on the movie tickets
The correct answer is: being able to see a new movie.
Kevin decides to go straight to work after high school instead of going to college. What is the most likely long-term consequence of his decision?
(1 point)
Responses
changing jobs often
changing jobs often
having lots of debt
having lots of debt
making less money
making less money
not finding work
The most likely long-term consequence of Kevin's decision to go straight to work after high school instead of going to college is making less money.
Which of the following is one of the three basic economic questions?
(1 point)
Responses
For whom to produce
For whom to produce
How many units to produce.
How many units to produce.
Which resources to use to produce?
Which resources to use to produce?
Which types of production are most important?
The correct answer is: Which resources to use to produce?
What would an economist expect if the negative incentives for bad behavior in a school became stricter?
(1 point)
Responses
Students would be less likely to break the rules, because the expectations are clearer.
Students would be less likely to break the rules, because the expectations are clearer.
Students would be less likely to break the rules, because punishments have become worse.
Students would be less likely to break the rules, because punishments have become worse.
Students would be more likely to break the rules, because more rules are available to break.
Students would be more likely to break the rules, because more rules are available to break.
Students would be more likely to break the rules, because the feelings of excitement are higher.