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ement or answers a. services. 1. Any resources that are made by humans and used to create other goods and services are called b. production. capital. 2. labor. a. An example of a shortage is limited amounts of b. water available for irrigating a crop because it is used for other crops. C . labor available because the workers have other jobs. d. food available because the trucks carrying it are on strike. food available because few people want to ant to buy it . 3. The resources used to make all goods and services are the production possibilities. factors of production. C . production trade-offs. 4. d. The government of a country must make a decision between increasing military spending and subsidizing opportunity costs. wheat farmers. This kind of decision is a guns or butter issue. decision at the margin. c. global trade-off. 5 . d. basic economic decision. The opportunity cost of a decision can be examined by using a a. production possibilities graph. b. . global trade-off grid. factors of production chart. d. graph of increasing costs. 6. Why are all goods and services scarce? a. Some goods cost more than others. b. All resources are scarce. C. Some things are needs and others are wants. d. Some people want to have more goods than others. 7. What is the opportunity cost of a decision? a. the series of alternative decisions that could have been made b . the best possible way the question could have been decided C. the different ways that a different person might have made the decision d. the most desirable alternative given up for the decision 8. What is a factory building an example of? a. human capital C . an economic trade-off b. physical capital d. technology 9. The government of a country must make a decision between spending money on a hospital or spending the same amount on border security. What kind of decision is this? a. guns or butter c. global trade-off b. decision at the margin d. production efficiency decision 10. Which of the following makes someone an entrepreneur? a. earning a lot of money as a computer programmer b. becoming a highly paid dancer C. running a service that hires people to install sprinkler systems in lawns d. inventing and selling the rights to manufacture a computer game