Natural Resources

question 2

Multiple Choice

Natural resources:

• A) Include standing timber, mineral deposits, and oil and gas fields.
• B) Are also called wasting assets.
• C) Are long-term assets.
• D) Are depleted.
• E) All of these.

Understand the concept of opportunity cost and how it influences individual decisions.

Describe the trade-offs between efficiency and equality and how government policies can affect these concepts.

Identify and calculate the opportunity cost of various decisions.

Analyze how the marginal analysis framework applies to decision-making.

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Definitions:

Scored

The action of earning or achieving a point, goal, or mark in a competitive environment or assessment.

Psychological Test

Standardized measures designed to assess various aspects of a person's mental functions and behaviors.

Alfred Binet

A French psychologist best known for developing the first intelligence tests.

Developed

The state or process of having been advanced or brought to a higher level of complexity, efficiency, or quality.