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1. The most important role of money is to serve as a store of value.

True

False

2. Government regulations which affect entrepreneurial activities within a nation also affect total output and the standard of living.

True

False

3. A free good may eventually become an economic good

True

False

4. Economics is an isolated science since it has no relation to other sciences

True

False

5. Opportunity cost is the alternative that we give when we make a choice.

True

False

6. Investment is the money spent by business to improve their production

True

False

7. Which of the following is input in economics?

A. Rent

B. Wage

C. Land

D. Profits

8. The law of increasing opportunity cost says that as you pour more and more of a limited resource into an activity, your opportunity cost gets larger for each additional "unit" of the resource.

True

False

9. Based on the picture shown below. What kind of opportunity cost?

\fA B C D BURGERS (X) E 8 6 1 2 PIZZAS (Y) 0 2 1 6 8