Economic Fundamentals

Question 1

Economically speaking, there is a strong correlation between a countries

Accepted Answer

Investment in education and economic growth

Question 2

Why are all goods and services scarce?

Accepted Answer

All resources are scarce.

Question 3

Which is a method for allocating scarce resources?

Accepted Answer

all of these

Question 4

Price, first come first serve, and lottery are used to...

Accepted Answer

Allocate Resources

Question 5

Which point cannot be attained with the current state of technology?

Accepted Answer

D

Question 6

Which of the following is an example of an Entrepreneur?

Accepted Answer

Computer repair man who opens a shop

Question 7

A welder on an assembly line illustrates a production process that relies on

Accepted Answer

division of labor

Question 8

The law of increasing costs means that when an economy increases the production of one item

Accepted Answer

opportunity cost goes up

Question 9

____ arises because society does not have enough resources to produce everyone's wants.

Accepted Answer

Scarcity

Question 10

When the productive resources have been combined, the resulting product is referred to as the

Accepted Answer

outputs

Question 11

What positive effect does new technology usually have on an economy?

Accepted Answer

Makes country stronger and more efficient.

Question 12

Opportunity costs is MOST RELATED to which concept?

Accepted Answer

Scarcity

Question 13

How are trade-offs and opportunity costs different?

Accepted Answer

The opportunity cost is the most desirable trade off

Question 14

Which of the following is an example of an investment in Human Capital?

Accepted Answer

someone going to college

Question 15

What basic economic problem do both high income and low income nations have in common?

Accepted Answer

scarcity of resources

Question 16

Productivity goes up whenever-

Accepted Answer

the same output is produced with fewer inputs

Question 17

A country producing at point C would be

Accepted Answer

not using its resources effectively

Question 18

Which is a factor of production?

Accepted Answer

Land

Question 19

Division of labor is a characteristic of

Accepted Answer

assembly line production

Question 20

The value of the best alternative forgone when a choice is made is the

Accepted Answer

opportunity cost

Question 21

Which of the production possibilities is an under utilization of resources?

Accepted Answer

8 melons and 11 shoes

Question 22

Which of the following represents the factor of labor?

Accepted Answer

the cake decorater

Question 23

The value of output produced compared in relationship to the inputs is called

Accepted Answer

productivity

Question 24

An assembly line can increase a factory's productivity because it allows workers to

Accepted Answer

Focus on a specific task

Question 25

Which of the following is impossible?

Accepted Answer

14 melons and 14 shoes

Economic Fundamentals

Questions 25

Economic Fundamentals

Questions 25