{{asɛmtiNe Ɔkyerɛwfo}} | Nhomakorabea | Nneɛma a ɛma wotumi yɛ ade

Ɛhia

1

What is scarcity?

The ability to produce everything we need

The limited productive resources available to meet unlimited wants

The limited wants of individuals

The unlimited resources available to us

SSEF1.a

Ɛhia

1

How does scarcity affect economic decision-making?

It eliminates the need for budgeting and planning.

It increases the availability of resources.

It allows everyone to obtain what they desire without trade-offs.

It forces individuals and societies to prioritize their needs and wants.

SSEF1.a

Ɛhia

1

Which of the following is an example of a strategy for allocating scarce resources by price?

Auctioning a rare painting to the highest bidder

Sharing resources equally among everyone

A lottery to assign parking spaces

Giving free samples to the first ten customers

SSEF1.b

Ɛhia

1

Comparing strategies for allocating scarce resources, which method involves using a random selection?

First-come, first-served

Lottery

Majority rule

Personal characteristics

SSEF1.b

Ɛhia

1

Which of the following is an example of a natural resource?

A forest

A teacher

A computer

A factory

SSEF1.c

Ɛhia

1

Human capital can be best described as:

The raw materials used in manufacturing

The knowledge and skills that workers bring to their jobs

Machinery used in production

Natural resources found in the environment

SSEF1.c

Ɛhia

1

Opportunity cost refers to:

The financial expense of a decision

The sum of all benefits from a decision

The total cost of all possible choices

The next best alternative forgone when a choice is made

SSEF1.d

Ɛhia

1

If a government decides to build more roads instead of more schools, the opportunity cost is:

The maintenance cost of roads

The benefits that could have been gained from building more schools

The money spent on roads

The increase in traffic costs

SSEF1.d

Ɛhia

1

A rational decision is made when:

All alternatives are ignored

Total costs are minimized

Marginal costs exceed marginal benefits

Marginal benefits equal or exceed marginal costs

SSEF2.a

Ɛhia

1

Which of the following is an example of responding to a positive incentive?

Getting a parking ticket

Receiving a bonus for good performance

Losing points for late submission

Paying a fine for littering

SSEF2.b

Ɛhia

1

Which of the following is an example of a negative incentive?

Winning a prize for participating in a contest

Getting a speeding ticket for driving over the limit

Receiving a discount for buying in bulk

Earning extra credit for completing an assignment early

SSEF2.b

Ɛhia

1

Investments in human capital can lead to:

A higher standard of living

Higher taxes

Reduced job opportunities

Increased poverty

SSEF4.a

Ɛhia

1

How does education influence the standard of living?

By reducing worker productivity

By increasing unemployment rates

By limiting economic growth

By enhancing skills and job prospects

SSEF4.a

Ɛhia

1

How can investment in technology positively impact the economy of a country?

By driving innovation, leading to the creation of new industries and jobs

By limiting access to modern conveniences for the population

By reducing the number of jobs available to citizens

By increasing reliance on outdated methods of production

SSEF4.b

Ɛhia

1

Specialization benefits individuals, businesses, and governments by:

Limiting trade opportunities

Decreasing efficiency

Reducing skill development

Increasing productivity

SSEF4.c

Ɛhia

1

Which of the following is most likely to improve standard of living in Thomasville?

Cutting funding for public transportation

Building more fast food restaurants

Raising taxes without providing additional services

Increasing access to healthcare and education

SSEF4.a

Ɛhia

1

Voluntary trade is beneficial because it:

Encourages specialization and mutual benefits

Decreases competition

Limits market access

Involves fraudulent activities

SSEF4.c

Ɛhia

1

A production possibilities curve illustrates:

The average cost of production

The levels of employment and unemployment

The maximum output combinations of two goods or services an economy can achieve

The distribution of income in a society

SSEF4.d

Ɛhia

1

Explain how scarcity might force an individual to make a choice. Provide a specific example.

SSEF1.d

Ɛhia

1

Think about our community. How do investments in technology, healthcare, or education improve the lives of people around you? Provide specific examples from your own experiences or observations, and explain how these investments create positive changes in your community.

Unit 1 Assessment Fundamentals of Economics

Unit 1 Assessment Fundamentals of Economics

What is scarcity?

How does scarcity affect economic decision-making?

Which of the following is an example of a strategy for allocating scarce resources by price?

Comparing strategies for allocating scarce resources, which method involves using a random selection?

Which of the following is an example of a natural resource?

Human capital can be best described as:

Opportunity cost refers to:

If a government decides to build more roads instead of more schools, the opportunity cost is:

A rational decision is made when:

Which of the following is an example of responding to a positive incentive?

Which of the following is an example of a negative incentive?

Investments in human capital can lead to:

How does education influence the standard of living?

How can investment in technology positively impact the economy of a country?

Specialization benefits individuals, businesses, and governments by:

Which of the following is most likely to improve standard of living in Thomasville?

Voluntary trade is beneficial because it:

A production possibilities curve illustrates:

Explain how scarcity might force an individual to make a choice. Provide a specific example.

Think about our community. How do investments in technology, healthcare, or education improve the lives of people around you? Provide specific examples from your own experiences or observations, and explain how these investments create positive changes in your community.

What is scarcity?

How does scarcity affect economic decision-making?

Which of the following is an example of a strategy for allocating scarce resources by price?

Comparing strategies for allocating scarce resources, which method involves using a random selection?

Which of the following is an example of a natural resource?

Human capital can be best described as:

Opportunity cost refers to:

If a government decides to build more roads instead of more schools, the opportunity cost is:

A rational decision is made when:

Which of the following is an example of responding to a positive incentive?

Which of the following is an example of a negative incentive?

Investments in human capital can lead to:

How does education influence the standard of living?

How can investment in technology positively impact the economy of a country?

Specialization benefits individuals, businesses, and governments by:

Which of the following is most likely to improve standard of living in Thomasville?

Voluntary trade is beneficial because it:

A production possibilities curve illustrates:

Explain how scarcity might force an individual to make a choice. Provide a specific example.

Think about our community. How do investments in technology, healthcare, or education improve the lives of people around you? Provide specific examples from your own experiences or observations, and explain how these investments create positive changes in your community.