Question

1.How are capital resources used in production?
1point: they provide tools that make production more efficient

2.Which phrase, best defines scarcity?
1point: a state in which human wants are greater than the resources available to feel those wants.

3. Which of these is the most likely opportunity cost of choosing to play a board game rather than going to the movies?
1point: being able to see a new movie

4. 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?
1point: making less money

5. which of the following is one basic economic questions?
1point: for whom to produce

6. what would an economist expect if the negative incentives for bad behavior in a school become stricter?
1point: students would be less likely to break the rules, because punishments have become worse.

7. how does free trade affect the United States? Select all that apply.
2points: lower prices,
increased consumer choice

8. which of these would most likely be a feature of a free trade agreement?
1point: removing tariffs from imported goods

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Answer 1

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