NAME: ________________________

Economic Resources, Goals, & Institutions Test

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6 Written Questions

6 Multiple Choice Questions

  1. every decision we make has a cost and most desirable alternative given up as the result of a decision
  2. deals with economics on a national and international scale and factors such GDP, employment issues, inflation, and politics(all compared)
  3. is about facts
  4. value of what you give up or what you trade off
  5. try to maximize utility
  6. contains opinion

6 True/False Questions

  1. commoditybushes of oats, wheat, corn, cotton, oil, sorghum

          

  2. production possibilities curvegraph that shows maximum combination of goods and services that can be

          

  3. factors of productionsame factors to produce goods, such as land, labor, capitol and entrepreneurship

          

  4. gunsmilitary goods, buildings factories, equipment, business computers

          

  5. marginal utilityper unit

          

  6. scarcitya lack of wants

          

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