Economics Unit 1 RHS

Question 1

In a command economy the questions of what, how, and for whom to produce are answered by

Accepted Answer

a central planning agency

Question 2

The cotton fabric represents which factor of production?

Accepted Answer

Capital

Question 3

One problem associated with public goods is

Accepted Answer

free riders

Question 4

Relating to the human economic condition, which of the following is virtually limitless?

Accepted Answer

Wants

Question 5

In a market economy the questions of what, how and for whom to produce are answered by

Accepted Answer

individuals primarily, producers secondarily

Question 6

When we give up one thing to gain another, it is called?

Accepted Answer

opportunity cost

Question 7

The incentive (s) to produce in a market economy is/are

Accepted Answer

profit

Question 8

A sewing machine would represent which factor of production?

Accepted Answer

Capital

Question 9

What is defined as the study of choice under conditions of scarcity?

Accepted Answer

Economics

Question 10

The branch of economics which deals with individual or business firms

Accepted Answer

Microeconomics

Question 11

When you hire an employee, the employee would represent which factor of production?

Accepted Answer

Labor

Question 12

The additional or extra expense of producing one more item is called

Accepted Answer

Marginal cost

Question 13

Someone who combines all the resources, assuming risks in return for a chance to profit, is a

Accepted Answer

entrepreneur

Question 14

The basic economic problem is

Accepted Answer

scarcity

Question 15

Which is more correct to produce at?

Accepted Answer

they are equally correct

Questions 15