01.01 how do i plan for success pre-assessment module 01
1.
(01.02 mc)
which situation illustrates the basic economic questions? (1 point)
your friend decides to bake cookies and give them to friends.
your friend decides to bake cookies and eat them all himself.
your friend goes to the store and purchases cookies for herself from the bakery section.
your friend bakes cookies with ingredients specified by a recipe and sells them to neighbors.
2.
(01.02 mc)
neeraj carves wooden squirrels, which he sells to benefit the local nature center. he charges $30 for each squirrel. squirrels are neeraj's economic answer to which question? (1 point)
for whom to produce?
how to produce?
what to produce?
when to produce?
3.
(01.03 mc)
your friend offers you a pencil or a t-shirt for your iced coffee. you choose the t-shirt because it has the highest (1 point)
supply
demand
scarcity
benefit
4.
(01.03 mc)
"costs"
1. hire more workers
2. take on more operations costs
3. divide time between market and shop-or close stall at market
4. accept more financial risk
"benefits"
1. set own hours of operation
2. have more space and control over appearance
3. serve more customers
4. make and sell more food items
ezra runs a gyro stall at the local farmers' market. he would like to expand and open his own shop downtown. he has made the chart above, listing some potential costs and benefits of expansion. if ezra decides not to expand, what will be an opportunity cost of his choice? (1 point)
higher operations costs
increased sales
less space and control
loss of workers