Unit Test — Unit test Answers
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How does a production possibility chart assist in outlining opportunity cost?
A
It compares profit potential of one product to another.B
It compares production cost of one product to another.C
It compares production numbers of one product to another.D
It compares consumer demand of one product to another.22
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What restriction would the government impose in a closed economy?
A
The government would prohibit trade with other nations.B
The government would set the prices for imported goods.C
The government would preserve traditional customs only.D
The government would prevent private ownership of property.23
Which statement best describes the impact of scarcity?
A
People are able to meet most of their needs.B
Consumers must pay higher prices for many items.C
Governments must try to meet the wants of citizens.D
Economies can work to provide more goods and services.24
Study the graph.In what time period did hydroelectric power usage reach its peak?
A
1970–1980B
1980–1990C
1990–2000D
2000–201025
Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends and family. In the end, he decides to take the promotion.What is Ricardo’s opportunity cost?
A
losing extra time to spend with his friends and familyB
being able to use the extra money for summer football campC
losing the ability to spend any time with his familyD
receiving another promotion in six monthsDid you find these answers helpful?
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