Opportunity Cost — Unit test Answers

The factors of production attempt to instill the idea that resources are

What might happen if an economy is unable to produce wanted goods and services?

Which of the following are considered needs? Choose three answers.foodInternetcell phoneresidencetelevisionwater

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.

Opportunity cost means that something needs to be

Which of the following would be considered a nonrenewable resource?

What is one purpose of studying economics?

Land is considered a resource because it

Which of the following is influenced by personal economic choices? Choose four answers.the cost of your rent and utilitiesthe resources you have availablethe amount of money you spend on a bus passthe money you decide to spend on leisure productsthe amount of money you put into your savings accountthe manner in which you balance your time between work and leisure

What type of labor force might a pottery factory want to focus on when hiring?

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What is an example of goods?

Which of the following would be a producer?

A pure market economy is sometimes called pure

What are the basic types of resources used by producers? Choose three answers.capitallaborvaluescarcityland