Saturday, May 2, 2009

Lesson 2, Part 5: Assessment

Read each sentence and circle either true or false.

1. Buyers have to make choices, but sellers do not.


2. When you make a choice, the thing that you do not pick has no worth.


3. The opportunity cost of a choice is the worth of the thing that you choose.


4. Consumers are people who make goods and provide services.


5. Sellers are also called producers.


Read each sentence and circle the letter that is the right answer.

6. Which one of these things is done by a buyer?

a. hire workers
b. buy machines to make goods
c. choose which good or service to buy
d. build a building that people work in

7. A simple example of a choice is having to pick between

a. one hundred things.
b. fifty things.
c. two things.
d. thirteen things.

8. The worth of the thing given up is called

a. opportunity worth.
b. opportunity cost.
c. seller cost.
d. making a choice.

9. People whose wants are satisfied by using goods and services are

a. workers.
b. producers.
c. sellers.
d. consumers.

10. People who make goods and provide services are

a. producers.
b. workers.
c. buyers.
d. consumers.

[Teacher's Notes]

Assessment Key
1. False
2. False
3. False
4. False
5. True
6. c
7. c
8. b
9. d
10. a

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