Economics

You chose to buy a video game instead of buying new shoes. What was your opportunity cost?

• new shoes

• new socks

• new video game

What is the opportunity cost of his choice?

• oranges

• bread

• apples

Which statement describes scarcity?

• Scarcity is a form of money.

• Scarcity is not enough of something.

• Scarcity is too much of something.

A teacher says one student will get to have a piece of cake. She writes each student's name on a piece of paper and chooses the name of the student who will get the cake at random. What is this way of choosing called?

• lottery

• command

• majority rule

• first come, first served

A school principal says that free T-shirts will be given out to students in the cafeteria. The principal tells students to get there early and be at the front of the line to make sure they get a free shirt. How is the principal MOST LIKELY giving out the shirts?

• by first come, first served

• by majority rule

• by lottery

• by price

Goods are given to people who pay a set amount of money for them.

Which allocation method is described in the definition above?

• personal characteristics

• sharing

• price

What do people usually do with the objects in the picture?

• create art projects out of them

• use them as building materials

• write notes and stories on them

• exchange them for goods and services

Gina wants to borrow her brother's bike to ride to her friend's house. He brother says yes, but only if she will do his chores for two days. Gina agrees.

• using money

• barter

Johnny really wants a new video game. For two weeks, he has been mowing the lawns and taking out the trash. Johnny is paid $35. He takes his money to the store and buys the video game.

• using money

• barter

If a person does not have enough money to buy something now, what should he or she do?

• steal money and buy it later

• save money and buy it later

• buy something else now and buy it later

• spend some money now and buy it later