Michigan Economics Assessment
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Last updated almost 6 years ago
9 questions
3
The cost of a choice- You have 3 choices. You can only choose one. The things you have to give up are your _________.
The cost of a choice- You have 3
choices. You can only choose one.
The things you have to give up are your _________.
3
When there is not enough of a good or service to meet a demand
When there is not enough of a good or service to meet a demand
3
To make a decision when faced with two or more possibilities
To make a decision when faced with two or more possibilities
3
To totally use up something (all gone)
To totally use up something (all gone)
3
To build (or produce) a product
To build (or produce) a product
1
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.
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.
1
Use the news headline as well as your knowledge about economics to explain why scarcity will force the farmer to make another choice.
Use the news headline as well as your knowledge about economics to explain why scarcity will force the farmer to make another choice.
3
8. Select all the incentives that you find in the advertisement.
8. Select all the incentives that you find in the advertisement.
2
Select ALL examples of Capital Resources
Select ALL examples of Capital Resources