Economics Pretest

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1.
1 point
Which of the following items is not a good or service?
2.
1 point
Which item is a service?
3.
1 point
Businesses provide the goods and services we want by:
4.
1 point
The three basic kinds of productive resources used to produce a house are :
5.
1 point
Which of the following is an example of capital?
6.
1 point
In economics, something is scarce when:
7.
1 point
Opportunity cost means:
8.
1 point
At the toy store, there are many things Sam want to buy. When he chooses a toy to buy, there will:
9.
1 point
With her $2.00 Sally wants to buy one of these three things: a book, a bag of candy, or a belt. Her first choice is the candy and she buys that. The books was her second choice, and the belt was her third choice. What is the opportunity cost of her choice to buy the candy?
10.
1 point
Mr. Johnson runs a business. He can produce chairs or windows. He decides to produce chairs. The opportunity cost of producing the chairs is:
11.
1 point
To be successful, a business must:
12.
1 point
Sarah baked some cookies. She traded six cookies to Joe for one of his toy cars. What is true about the trade?














































































































































































































































































































Sarah baked some cookies. She traded six cookies to Joe for one of his toy cars. What is true about the trade?



13.
1 point
Money is very important in our economy because it:
14.
1 point
Alice, Sam and Susan decided to earn money by making and selling cookies. To make the cookies, they specialized by using an assembly line. Alice missed the dough, Sam cut the cookies, and Susan baked them. They specialized because they wanted to:
15.
1 point
What is one of the problems when making cookies by specializing on an assembly line?
16.
1 point
Mr. Smith uses only his hands to weed his garden. He decided to buy a hoe to help his weed faster. The hoe will help Mr. Smith increase his:
17.
1 point
Farmer Brown uses a hoe to raise corn. He wants to produce more corn so he buys a tractor. This is an example of increasing production by:
18.
1 point
Sally is saving her money to purchase a $100 bike to use for her paper route. The opportunity cost of saving her money is:
19.
1 point
Eric mows lawns with a push mower to earn money. He has earned $500. He wants a new expensive racing bike that costs $500, but decides instead to purchase a riding lawn mower to replace the push mower. Eric is hoping that purchasing the riding lawn mower will:
20.
1 point
Sarah produces and sells birdhouses for $10 each. She sells three birdhouses each week. It costs her $8 to produce one birdhouse. Which of the following would increase the demand for Sarah's birdhouses?
21.
1 point
It costs Sarah $8 to produce one birdhouse. How much profit does Sarah make when she sells one birdhouse for $13.00?
22.
1 point
Which of the following would cause the cost of producing a birdhouse to change?