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Module 1 What is Economics?
Module 1 What is Economics?
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Economics Introduction economics
Flashcards
20 cards
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Questions
20
Answers
1
Into what categories do economist divide factors of production?
resources,labor, capital
resources,labor,money
land,labor, capital, & entrepreneurship
land, labor,money, and entrepreneurship
2
What is another named for the production possibilities curve?
production possibilities border
production possibilities frontier
production possibilities edge
production possibilities perimeter
3
Which is not considered a need?
Clothing
Television
Food
Shelter
4
Movement in the PPF from point A to Point C
represents an expansion in the economy
shows Capeland can use it's resources better if it tries
shows a contraction in the economy
5
Which of the following factors WILL NOT cause a shift in the production possibilities curve?
Technology
none of the answers are correct
discovery of new sources of natural resources
a flood wipes out all the farmland in the midwest
6
Increasing the number of workers in an economy generally causes
increase in the production possibilities curve
decrease in the production possibilities curve
increase in the opportunity costs of production
decrease in the opportunity costs of production
7
Which of the following groups buys goods for personal use?
Advocate
Consumer
Client
Producer
8
What does a point inside the curve of a PPC indicate?
more resources are required
all resources are NOT fully employed
less resources are required
all resources are fully employed
9
Which of following shows underutilization?
point 6
point 1
point 7
point 4
10
Which of the following best describes wants?
limited and ever changing
unlimited and never changes
limited and never changes
unlimited and ever changing
11
What is the difference between a shortage and a scarcity?
shortage is from rising prices; scarcity from falling prices
a shortage can be temporary, but scarcity always exists
there is no difference between a shortage and scarcity
shortage is lack of all goods/services; scarcity only 1 item
12
An example of human capital is
the machinery run by a seamstress to weave cloth
the salary paid to an accountant
the knowledge a taxi driver has of the streets
the equipment used b a doctor to cure a patient
13
Which is an example of a shortage
too many jobs available
a farmer without enough water for crops
toy store without dolls
too much bread on the store shelves
14
The law of increasing costs means that when an economy increases the production of one item
production costs will increase
actual cost of making the item goes down
opportunity cost goes up
actual costs go up but opportunity cost goes down
15
Which of the following decision can be made at the margin?
whether or not to go on vacation
whether to have a dog or a cat
whether or not to hire another worker
16
Which of the following examines the costs and expected benefits of a choice?
choice-profit analysis
cost-benefit analysis
choice-benefit analysis
cost-profit analysis
17
Which of the following involves using resources to make the max amount of goods and services?
underutilization
efficiency
overefficiency
utilization
18
If you choose between 2 summer jobs, the one you do not choose is _________ of your decision.
decision at the margin
trade-off
opportunity cost
opportunity at the margin
19
Which of the following represents production that is impossible to attain?
point 2
point 7
point 4
point 6
20
Which of the following is an example of using physical capital to save time and money?
building extra space in the factor to simplify production
hiring more workers to do a job
lowering worker's wages to increase profits
switching from oil and coal to make production cheaper
