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Q 1/16
Score 0
Shay owns and operates a hamburger company where she uses the following items on a regular basis:
• wheat buns
• meat
• lettuce
• onions
• potatoes
Based SOLELY on this information, which statement is correct?
30
Owning a hamburger company is very capital-intensive.
carcity does not affect Shay because she has all the ingredients she needs.
The hamburger company relies heavily on natural resources.
Shay is not an entrepreneur because she only uses one resource.
Q 2/16
Score 0
How does the concept of scarcity relate to the Federal budget process?
30
limited tax revenue must meet unlimited wants and needs
the government avoids scarcity by printing money
all government decisions are made based on marginal costs and benefits
governments must use exchange rates when dealing with foreign policy
16 questions
Q.
Shay owns and operates a hamburger company where she uses the following items on a regular basis:
• wheat buns
• meat
• lettuce
• onions
• potatoes
Based SOLELY on this information, which statement is correct?
1
30 sec
Q.
How does the concept of scarcity relate to the Federal budget process?
2
30 sec
Q.
Which economic situation is characterized by unlimited wants exceeding limited resources?
3
30 sec
Q.
Which describes scarcity?
4
30 sec
Q.
In the production of chocolate chip cookies, which represents the factor of capital?
5
30 sec
Q.
Which is a human resource that Ms. Johnson could use for her art gallery?
6
30 sec
Q.
Opportunity costs is MOST RELATED which concept?
A price floors
B scarcity
C elasticity
D absolute advantage
7
30 sec
Q.
Opportunity cost is best described as the
8
30 sec
Q.
Which describes a method for allocating scarce resources?
9
30 sec
Q.
Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to
10
30 sec
Q.
If Jim chooses job A, he will receive $50,000 a year, full benefits and 2 weeks of paid vacation. If he chooses job B he will receive $60,000 a year, full benefits and no paid vacation. Assuming Jim chooses job B, which statement is correct.
11
30 sec
Q.
On the graph above, shifting production from 10 lbs of cheese to 20 lbs of cheese means an opportunity cost of
12
30 sec
Q.
In economics, rational decisions occur when
13
30 sec
Q.
Which should ALWAYS be considered when making rational decisions?
14
30 sec
Q.
In college people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of
15
30 sec
Q.
Alex and Dylan both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes a long time. They would MOST LIKELY improve their efficiency if
