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Economics - Unit 1 Quiz review Flashcards | StudBud

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If 2 people are packing & delivering food orders, what is the MOST efficient way to do the job?

When a society invests in education, it improves its standard of living by improving its

Economics - Unit 1 Quiz review

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Economics

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Questions 6

Answers

1
When a society invests in education, it improves its standard of living by improving its
capital goods
entrepreneurship
labor
human capital
2
If 2 people are packing & delivering food orders, what is the MOST efficient way to do the job?
Both work together to pack orders and then deliver together.
One person packs them & the other delivers all the orders.
1 person packs, while other delivers; the next day, switch
1 person pack/deliver half; other pack/deliver other half
3
The MOST important factor that determines a nation's rate of economic growth is
how fast its labor force increases
how much it can improve productive efficiency
how much its government improves social programs
how much money it spends on resources
4
Why does every economic decision involve an opportunity cost?
resources are scarce and wants are unlimited
prices in a market economy are always too high
few decisions have a marginal benefit
trade-offs are impossible to make in rational decisions
5
Answer the following question...
division of land
specialization
competition
incorporation
6
Which of the following is an example of a capital investment for a retail store?
buying ads in local newspapers
buying cash registers and displays
renting retail space at a mall
hiring sales clerks and managers