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Unit 1 Assessment Fundamentals of Economics

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20 questions
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Question 1
1.

What is scarcity?

Question 2
2.

How does scarcity affect economic decision-making?

Question 3
3.

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

Question 4
4.

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

Question 5
5.

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

Question 6
6.

Human capital can be best described as:

Question 7
7.

Opportunity cost refers to:

Question 8
8.

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

Question 9
9.

A rational decision is made when:

Question 10
10.

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

Question 11
11.

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

Question 12
12.

Investments in human capital can lead to:

Question 13
13.

How does education influence the standard of living?

Question 14
14.

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

Question 15
15.

Specialization benefits individuals, businesses, and governments by:

Question 16
16.

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

Question 17
17.

Voluntary trade is beneficial because it:

Question 18
18.

A production possibilities curve illustrates:

Question 19
19.

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

Question 20
20.

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.