1.

(01.01 LC) It is impossible to choose any option without simultaneously rejecting its alternatives for that time. This embodies the economic principle of (2 points)

	scarcity
	limited resources
	competition
	labor
	tradeoffs

2.

(01.01 MC) Which of the following is an example of a non-rival good? (2 points)

	Fireworks for everyone in their sightline
	A toll road
	A glass of water
	Seats at a movie theater
	An unclaimed spot on a beach

3.

(01.02 MC) Which of the following questions helps leaders of business firms determine resource allocation? (2 points)

	Who consumes the goods?
	Which people most need the goods or services?
	Is the opportunity cost of resources constant or increasing?
	How much money do people have to pay for the goods or services?
	Are the resources used to produce the goods scarce?

4.

(01.02 MC) Country X allows market forces to guide its economy. However, it does regulate some transactions and has set a minimum wage for workers. What kind of economy does this country have? (2 points)

	Centralized
	Command
	Market
	Mixed
	Private

5.

(01.03 LC) Production at a level that is not maximizing available inputs can be illustrated through a (2 points)

	circular flow diagram
	supply curve
	demand curve
	marginal cost curve
	production possibility curve

6.

(01.03 MC) Use the graph to answer the prompt. (2 points)