1. how are capital resources used in production? (1 point)
they allow producers better access to world markets.
they make it possible to employ more skilled laborers.
they provide tools that make production more efficient.
they purchase the raw materials needed for production.
2. which phrase best defines scarcity? (1 point) a state in which productive resources are not enough to create a given good or service
a state in which human wants are greater than the resources available to fill those wants
a state in which too few choices exist for a consumer to fulfill needs and wants
a state in which the opportunity costs of a given choice are less than the benefits of a given choice
3. which of these is the most likely opportunity cost of choosing to play a board game rather than going to the movies? (1 point)
being able to visit with friends spending money on the board game being able to see a new movie spending money on the movie tickets 4. kevin decides to go straight to work after high school instead of going to college. what is the most likely long-term consequence of his decision? (1 point)
changing jobs often having lots of debt making less money not finding work 5. which of the following is one of the three basic economic questions? (1 point)
for whom to produce? how many units to produce? which resources to use to produce? which types of production are most important? 6. what would an economist expect if the negative incentives for bad behavior in a school became stricter? (1 point)
students would be less likely to break the rules, because the expectations are clearer.
students would be less likely to break the rules, because punishments have become worse.
students would be more likely to break the rules, because more rules are available to break.
students would be more likely to break the rules, because the feelings of excitement are higher.
7. how does free trade affect the united states? select all that apply. (2 points)
lower prices decreased wages higher farm profits less variety in businesses more low-skill jobs increased consumer choice 8. which of these would most likely be a feature of a free trade agreement? (1 point)
removing tariffs from imported goods raising taxes on exported goods making it illegal to hire workers in other countries
providing money directly to local manufacturers finishcancel