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EconA MC

EconA MC

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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-off B. goods C. opportunity cost D. entrepreneurship The decisions made about what resources will be used to produce goods and services is called __________ . A. resource allocation B. productive resources C. production D. goods The lack of sufficient resources to produce all the goods and services that people desire is called __________ . A. services B. scarcity C. opportunity cost D. resource allocation The activities of a business owner about economic decisions of what to produce and how best to produce goods and services is called __________ . A. goods B. scarcity C. entrepreneurship D. trade-off Objects that people want to buy are called __________ . A. opportunity cost B. goods C. resource allocation D. trade-off

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The term, __________ , refers to the process of using natural resources, labor, capital goods, and entrepreneurship to make goods and services. A. trade-off B. resource allocation C. opportunity cost D. production An __________ is the value of the next best alternative given up when a choice is made. A. opportunity cost B. resource allocation C. entrepreneurship D. scarcity 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 resources B. goods C. services D. scarcity The term, __________ , are actions and work that people are willing to purchase. A. productive resources B. resource allocation C. production D. services

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Answers - Benchmark A: Productive Resources

1. 2. 3. 4. 5. 6. 7. 8. 9.

A. A. B. C. B. D. A. A. D.

trade-off resource allocation scarcity entrepreneurship goods production opportunity cost productive resources services

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