Professional Documents
Culture Documents
A goods
B services
7 Any human-made resource that is used to create other goods and/or services is
A land
B capital
9 A trade-off is
A an alternative that we sacrifice when we make a decision
B a purchase made in the marketplace
12 An opportunity cost is
A any good or service that one can use to barter for another good or service
B the most desirable alternative given up as the result of a decision
27 Skills and knowledge of a worker gained through education and experience are
A production possibilities
B human capital
32 All the goods and services that are produced in any economy are
A scarce
B expensive
ECONOMICS
MCCLENAGHAN
CHAPTER 1 TEST