Economics Review

Thor tried to arrive at school early to get a cinnamon roll for breakfast. Which form of allocation is this?

• force

• authority

• majority rule

• first-come-first-served

Which is not a service?

• haircut

• teaching

• furniture

• car repair

A toy is an example of (a)   .

• a good

• agriculture

• a service

• tourism

Mr. O’Shay has three character pencils. Each student has a number. Mr. O’Shay draws three numbers from a box. The students who match the number receive a pencil. Which form of allocation is this?

• authority

• force

• lottery

• sharing

Which science studies how people use resources to meet needs and wants?

• economics

• geography

• history

• linguistics

Choose the word that best completes the sentence.

A brand new smartphone costs $1,500. Shanique buys an older phone for $550.

This is (a)   allocation.

• authority

• force

• lottery

• price

Which question does economics answer?

• What gets produced (made)?

• Where can you travel?

• How big is something?

• When do people move?

A hurricane caused major damage to a city. The government seized control of all water resources. Officials passed out a limited amount of water to each family every day. Which form of allocation is this?

• price

• authority

• majority rule

• first-come-first-served