Econ Unit 1A Fundamentals

Question 1

Specialization increases

Accepted Answer

productivity, voluntary exchange

Question 2

If Jill decides to play softball instead of getting an after school job, what is the OC?

Accepted Answer

the money she would have made from an after school job

Question 3

Which term refers to rewards that are offered to persuade economic decisions?

Accepted Answer

incentives

Question 4

breaking down of a job into separate, smaller tasks

Accepted Answer

specialization, division of labor

Question 5

If productivity increases, the supply of goods

Accepted Answer

increases

Question 6

The fundamental problem of economics

Accepted Answer

unlimited wants vs. limited resources

Question 7

How is economic growth shown on a PPC?

Accepted Answer

curve shifts outwards

Question 8

Lebron James would be which factor of production?

Accepted Answer

labor, entrepreneurship

Question 9

All the things you DID NOT choose when making a decision

Accepted Answer

tradeoffs

Question 10

Which cost refers to the extra or additional cost of producing one more unit?

Accepted Answer

marginal costs

Question 11

A conveyor belt used in the production process falls in which category of production?

Accepted Answer

capital

Question 12

Factors of production

Accepted Answer

land, labor, capital, entrepreneurship

Question 13

What the opportunity cost of moving from Point B to Point A?

Accepted Answer

Less product B

Question 14

A rational decision occurs when

Accepted Answer

when you study for Econ so you can graduate, when benefits exceed costs

Question 15

The sum of skills, knowledge, and motivation of workers

Accepted Answer

human capital

Question 16

What can increase production possibilities?

Accepted Answer

all of the above

Question 17

What the opportunity cost of moving from Point A to Point B?

Accepted Answer

Less product A

Question 18

A storage warehouse for a candy manufacturer would be which factor of production?

Accepted Answer

capital

Question 19

What is it called when we don't have enough resources to produce everything we'd like to have?

Accepted Answer

scarcity

Question 20

How many police officers should the city hire?

Accepted Answer

5

Question 21

A projector at a local school would be which factor of production?

Accepted Answer

capital

Questions 21