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  • Activities 1-2 Pre Assessment

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    Reynold wraps
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    Benedict Joshua Bate completed a pre-assessment test that covered basic economic concepts. He demonstrated an understanding of: 1) Scarcity being defined as unlimited wants versus limited resources. 2) A bulldozer at a construction site not being considered a consumer good. 3) A hammer used in framing a house being classified as capital by economists. 4) Scarcity being identified as the most basic economic problem. 5) Choosing one item over another because he can't afford both being called an opportunity cost.

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    Activities 1-2 Pre assessment

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    Benedict Joshua Bate completed a pre-assessment test that covered basic economic concepts. He demonstrated an understanding of: 1) Scarcity being defined as unlimited wants versus limited resources. 2) A bulldozer at a construction site not being considered a consumer good. 3) A hammer used in framing a house being classified as capital by economists. 4) Scarcity being identified as the most basic economic problem. 5) Choosing one item over another because he can't afford both being called an opportunity cost.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views2 pages

    Activities 1-2 Pre Assessment

    Uploaded by

    Reynold wraps
    Benedict Joshua Bate completed a pre-assessment test that covered basic economic concepts. He demonstrated an understanding of: 1) Scarcity being defined as unlimited wants versus limited resources. 2) A bulldozer at a construction site not being considered a consumer good. 3) A hammer used in framing a house being classified as capital by economists. 4) Scarcity being identified as the most basic economic problem. 5) Choosing one item over another because he can't afford both being called an opportunity cost.

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    © All Rights Reserved
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    Benedict Joshua Bate

    PRE- ASSESSMENT:
    Encircle the letter of the best answer from the choices given below:
    C 1. Scarcity can best be defined as 
    A. A Shortage of a product
    B. Where demand is greater than supply
    C. Unlimited wants vs Limited resources 
    D. Limited wants vs unlimited resources 
    A 2. Which of the following is NOT a consumer good?
    A. A bulldozer at a construction site
    B. A happy meal at mc donalds
    C. A pack of doritos in a vending machine
    D. A television set for sale at an appliance store
    B 3. Which of the following resources would economists
    classify as “capital”?    
    A. Raw Bauxite in a South African mine 
    B. A hammer used in framing a house 
    C. A worker hired to repair engines 
    D. Trees used to make paper 

    A 4. ________ is the most basic economic problem


    A. Scarcity
    B. Labor
    C. Greed
    D. Capital
    B 5. When I choose one item over another because I can’t
    afford both, this is called an ...
    A. Scarcity
    B. Opportunity cost
    C. Choice
    D. Incentive

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