1.1, 1.2 Quiz Review

What are the three main types of economic resources?

• Financial, Technological, and Human

• Capital, Human, and Natural

• Physical, Digital, and Intellectual

• Renewable, Non-renewable, and Sustainable

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

• Machinery

• Water

• Factory

• Software

What is opportunity cost?

• The cost of all possible alternatives

• The cost of the next best alternative foregone

• The total cost of all resources used

• The cost of the chosen option

Which of the following is a step in the decision-making process?

• Ignoring alternatives

• Identifying the problem

• Choosing randomly

• Avoiding decisions

What is the first step in the decision-making process?

• Evaluate the decision

• Identify the problem

• List the alternatives

• Make a decision

Which of the following is considered a 'want' rather than a 'need'?

• Water

• Shelter

• Designer clothes

• Food

Which of the following is a service?

• A smartphone

• A haircut

• A book

• A car

What is the role of human capital in an economy?

• To provide natural resources

• To produce goods and services

• To create financial capital

• To replace machinery

Which of the following best describes a 'need'?

• Something you can live without

• Something essential for survival

• Something that is nice to have

• Something that is a luxury

What is the opportunity cost of choosing to spend time studying instead of watching a movie?

• The cost of the movie ticket

• The enjoyment of watching the movie

• The cost of study materials

• The time spent studying