1. Fundamental problem of economics; forces us to choose/sacrifice a) Resources b) Money c) Time d) Scarcity 2. Opportunity Cost a) The satisfaction from the next best alternative use of your resources b) The money you saved from selecting one alternative over another c) How much the next best alternative will cost you d) None of the above 3. When a country focuses its factors of production on producing certain things: a) Economies of Scope b) Entrepreneurship c) Fiscal Policy d) Specialization 4. If price equals minimum average cost, what is true about this business: a) It is making a profit b) It is operating at its breakeven-point c) It should expand resources d) It should shut down 5. A tax disincentive on corporations that create pollution: a) Green Tax b) Pigouvian Tax c) Stewardship Tax d) Externality Tax 6. Which of the following is not a characteristic that makes money acceptable? a) Scarce b) Standardized c) Divisible d) Portable