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Michigan Economics Assessment

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Last updated over 6 years ago
9 questions
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Question 1
1.

Question 2
2.

Question 3
3.

Question 4
4.

Question 5
5.

Question 6
6.

You have been invited to go sledding with your cousin, or spend day baking cookies with your grandma, or go see a movie with a friend. Unfortunately all of these events are on the same day at the same time. You cannot do all three and must pick one. You have to make a decision. The two that you do not choose are your opportunity cost. Write about which you would choose and why that would be your pick.

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Question 7
7.

Use the news headline as well as your knowledge about economics to explain why scarcity will force the farmer to make another choice.

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2
The cost of a choice- You have 3
choices. You can only choose one.
The things you have to give up are your _________.
A Scarcity
B Opportunity Cost
C Choices
D Consume (use)
When there is not enough of a good or service to meet a demand
A Scarcity
B Opportunity Cost
C Choices
D Consume (use)
To make a decision when faced with two or more possibilities
A Scarcity
B Opportunity Cost
C Choice
D Consume (use)
To totally use up something (all gone)
A Scarcity
B Opportunity Cost
C Choices
D Consume
To build (or produce) a product
A Make (produce)
B Money
C Scarcity
D Decision
Question 8
8.

Question 9
9.

8. Select all the incentives that you find in the advertisement.
A Michigan Chiller Books in Stock
B Buy one get one free
C 50% off sale
D Coupon
Select ALL examples of Capital Resources
A Farmer
B Cherries
C Tractor
D Trees
E Factory Worker
F Tools