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EconA MC

EconA MC

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Published by applania

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Published by: applania on Aug 27, 2008
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06/14/2009

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Multiple Choice - Benchmark A: Productive Resources
Name:__________________________ Class:__________ Date:__________ 
Each sentence has one word missing. Circle the missing word.
1.The sacrifice of one option for another when a decision is made is called a __________ .A.trade-offB.goodsC.opportunity costD.entrepreneurship2.The decisions made about what resources will be used to produce goodsand services is called __________ .A.resource allocationB.productive resourcesC.productionD.goods3.The lack of sufficient resources to produce all the goods and services thatpeople desire is called __________ .A.servicesB.scarcityC.opportunity costD.resource allocation4.The activities of a business owner about economic decisions of what toproduce and how best to produce goods and services is called __________ .A.goodsB.scarcityC.entrepreneurshipD.trade-off5.Objects that people want to buy are called __________ .A.opportunity costB.goodsC.resource allocationD.trade-off
 
6.The term, __________ , refers to the process of using natural resources,labor, capital goods, and entrepreneurship to make goods and services.A.trade-offB.resource allocationC.opportunity costD.production7.An __________ is the value of the next best alternative given up when achoice is made.A.opportunity costB.resource allocationC.entrepreneurshipD.scarcity8.Land (i.e., water, soil, trees, minerals) and capital (i.e. buildings, machinery,vehicles, tools) required to produce goods and services are known as __________ .A.productive resourcesB.goodsC.servicesD.scarcity9.The term, __________ , are actions and work that people are willing topurchase.A.productive resourcesB.resource allocationC.productionD.services

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