When James Monroe chose to take the job as Envoy Extraordinary to France, he gave up his law practice.  What he gave up is called:

a.  scarcity
b.  income.
c.  an incentive.
d.  opportunity cost.

Which of the following is an example of an investment in human capital that Lewis made to prepare for the expedition?

a.  buying gifts for the Indians
b.  studying medicine with Dr. Benjamin Rush.
c.  hiring men to go on the expedition with him
d.  buying food and other supplies for the expedition

Which two factors determine the economic value of a good?

a.  how desirable and how scarce it is
b.  how large and how heavy it is
c.  how desirable and how large it is
d.  how scarce and how large it is

Which of the following is an example of human capital that Lewis wanted expedition members to have?

a.  ability to speak German
b.  experience using a computer
c.  ability to treat sick people
d.  experience traveling on the river

In the circular flow, what do households do?

a.  provide goods and services and buy resources
b.  earn revenue and pay costs of production
c.  provide resources and buy goods and services
d.  earn income and pay costs of production