Economics Quiz

Resources needed to provide goods or services are called

• factors of production.

• facets of production.

• functions of production.

• facts of production.

One of the three economic questions deals with deciding

• what goods and services should be produced.

• what the costs of production should be.

• how goods and services will be marketed.

• how consumers will receive products.

Which of the following is an example of a capital resource?

• coal

• machinery

• time

• horse

Assessing opportunity cost involves

• making choices and dealing with consequences.

• choosing consequences over rewards.

• reviewing past decisions and changing them.

• minimizing profit and loss.

Which of the following illustrates an opportunity cost?

• James has enough money to buy some socks and a book.

• Alyssa does not have enough time to study for her test.

• Amir only has time to study or to play basketball.

• Lydia does not have enough money to buy a new shirt.

One method for studying opportunity cost is to think in terms of

• risk and ability.

• pros and cons.

• tradeoffs

• trial and error.

Which of the following has the largest impact on opportunity cost?

• consumer wants

• tight deadlines

• consumer needs

• limited resources

Opportunity cost occurs because of a producer’s need to

• limit resources.

• protect resources.

• allocate resources.

• spend resources.

Which of the following are examples of limited resources on the part of consumers?

• product and space

• money and product

• time and money

• space and time

Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice cream and spent $75,000 on supplies and factory space. The remaining $25,000 represents

• profit.

• loss.

• revenue.

• expense.