Economics Basics Review

Question 1

What is the ultimate scarce resource?

Accepted Answer

Time

Question 2

If someone ordered the southwestern eggrolls as an appetizer, which of the following is NOT a tradeoff?

Accepted Answer

Southwestern Eggrolls

Question 3

The Waterboy provides high quality H2o to the players. What fundamental need does he satisfy?

Accepted Answer

Water

Question 4

The umbrella in the picture below is satisfying what fundamental need?

Accepted Answer

Shelter

Question 5

Which of the following wouldn't change the PPF curve for the Altoona Curve?

Accepted Answer

They hold a dollar hot dog night

Question 6

What is the following image? T. Swift

Accepted Answer

Service

Question 7

Which factor of production does the following fall into? Chainsaw.

Accepted Answer

Capital

Question 8

Which of the following items would not normally be considered scarce unless you were a scuba diver?

Accepted Answer

Air

Question 9

Which point can the Boat Car Company produce at efficiently?

Accepted Answer

A, B

Question 10

Which of the following would shift the PPF curve for the Altoona Curve outward?

Accepted Answer

They add automatic hot dog cookers

Question 11

Which item in the media center is the MOST scarce?

Accepted Answer

Televisions

Question 12

Which factor of production is the following? Forest

Accepted Answer

Land

Question 13

Which factor of production does the following fall into? Cement Mixer/Cement

Accepted Answer

Capital

Question 14

What is the following image? Tesla Semi

Accepted Answer

Durable, Capital Good

Question 15

A cheeseburger satisfies which of the fundamental needs (most obviously)?

Accepted Answer

Food

Question 16

What philosopher is known as the "Father of Economics"?

Accepted Answer

Adam Smith

Question 17

What is the following image? M&M

Accepted Answer

Non-Durable, Consumer Good

Question 18

The minions below satisfy which fundamental need for each other?

Accepted Answer

Love

Question 19

Which point can the Boat Car Company NOT produce at?

Accepted Answer

E

Question 20

Example: Most fast food restaurants close at 11pm due to limited business after that time. Taco Bell stays open later.

Accepted Answer

Invisible Hand

Question 21

Example: Apple began with 10 employees. Steve Jobs was the CEO, while the rest held jobs such as sales, programmer, etc.

Accepted Answer

Division of Labor

Question 22

Which of the following would move the Altoona Curve PPF curve inward?

Accepted Answer

Their cash registers won't connect to the internet

Question 23

If I purchased the Nissan off of this page, what would be my Opportunity Cost?

Accepted Answer

Corvette (Most Expensive)

Question 24

Example: Slam Dunk champ Derrick Jones has a vertical leap of 48". The avg. joe in his/her has a vertical leap of 20".

Accepted Answer

Competitive Advantage

Question 25

Which factor of production does the following fall into? Truck Driver

Accepted Answer

Labor

Economics Basics Review

Questions 25

Economics Basics Review

Questions 25