Michigan Economics Assessment

Last updated about 6 years ago

9 questions

Michigan Economics Assessment

Last updated about 6 years ago

9 questions

Question 1

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)

Question 2

When there is not enough of a good or service to meet a demand

A Scarcity

B Opportunity Cost

C Choices

D Consume (use)

Question 3

To make a decision when faced with two or more possibilities

A Scarcity

B Opportunity Cost

C Choice

D Consume (use)

Question 4

To totally use up something (all gone)

A Scarcity

B Opportunity Cost

C Choices

D Consume

Question 5

To build (or produce) a product

A Make (produce)

B Money

C Scarcity

D Decision

Question 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.

Question 7

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

Question 8

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

Question 1

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)

Question 2

When there is not enough of a good or service to meet a demand

A Scarcity

B Opportunity Cost

C Choices

D Consume (use)

Question 3

To make a decision when faced with two or more possibilities

A Scarcity

B Opportunity Cost

C Choice

D Consume (use)

Question 4

To totally use up something (all gone)

A Scarcity

B Opportunity Cost

C Choices

D Consume

Question 5

To build (or produce) a product

A Make (produce)

B Money

C Scarcity

D Decision

Question 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.

Question 7

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

Question 8

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

Question 9

Select ALL examples of Capital Resources

A Farmer

B Cherries

C Tractor

D Trees

E Factory Worker

F Tools

Question 9

Select ALL examples of Capital Resources

A Farmer

B Cherries

C Tractor

D Trees

E Factory Worker

F Tools

Michigan Economics Assessment

Michigan Economics Assessment

The cost of a choice- You have 3 choices. You can only choose one. The things you have to give up are your _________.

When there is not enough of a good or service to meet a demand

To make a decision when faced with two or more possibilities

To totally use up something (all gone)

To build (or produce) a product

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

8. Select all the incentives that you find in the advertisement.

The cost of a choice- You have 3 choices. You can only choose one. The things you have to give up are your _________.

When there is not enough of a good or service to meet a demand

To make a decision when faced with two or more possibilities

To totally use up something (all gone)

To build (or produce) a product

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

8. Select all the incentives that you find in the advertisement.

Select ALL examples of Capital Resources

Select ALL examples of Capital Resources

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 _________.