which of the following is an example of shortage?

doll is not available because a limited number made

Consumers are powerful because

they drive decisions about what to produce

bought CD's @ $30 with money in your checking -your next pay day is Monday -opportunity costs

the night out because you can't afford it now

One example of an entrepreneur is

an artist who runs a business painting murals for offices

which of the following lists of factors of production would an economist categorize as land?

iron ore natural gas fertile soil, water

A company that makes baseball caps is underutilizing its resources. What does this mean?

the company is nproducing fewer caps than it could be.

Opportunity cost refers to

the value of the next best alternative

Where on a production possibilities curve is the economy working at its most efficient levels?

on the production possibilitiesfrontier

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What is Economics - Terms and Concepts

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1
which of the following is an example of shortage?
kumquats are not available because few people want to buy
water cannot be used to irrigate because it is used
workers are not available because they are on vacation
doll is not available because a limited number made
2
Who wrote The Wealth of Nations?
Thomas Jefferson
Adam Smith
Thomas Pain
Karl Marx
3
all natural resources used to make goods and services
land
underutilization
trade-off
scarcity
4
the most desirable alternative given up as the result of a decision
marginal costs
opportunity costs
factors of production
services
5
Consumers are powerful because
their interest force producers to behave ethically
they drive decisions about what to produce
they help decide a business's opportunity cost
they have more rights than corporations
6
bought CD's @ $30 with money in your checking -your next pay day is Monday -opportunity costs
the night out because you can't afford it now
the $30 check that you wrote for the CD's
knowing your the first of your friends to have this CD
production cost vs price you paid
7
One example of an entrepreneur is
an artist who runs a business painting murals for offices
writer hired by a film studio to adapt a novel into a movie
an ice skater who is part of a professional ice show
a secretary in a law firm that specializes in business law
8
which of the following lists of factors of production would an economist categorize as land?
iron ore natural gas fertile soil, water
factories, office buildings, assembly lines, workers
farm fields, tractors, pesticides, fertilizers
dams brigdges, rock quarries oil wells
9
Which of the following is the kind of decision that can be made at the margin?
whether to go on a vacation
whether to hire new workers
whether to build an extra room on a home
whether to have a dog or cat as apet
10
effort people devote to tasks for which they are paid
labor
need
scarsity
trade-off
11
A company that makes baseball caps is underutilizing its resources. What does this mean?
The company is running more efficiently than its competitors
the company is paying its employees less than it should be
the company is making caps when it could be making T-shirts
the company is nproducing fewer caps than it could be.
12
"An increase in the price of gasoline will lead to a decrease in the amount purchased" is
a political statement.
a scientific statement.
a normative statement.
a positive statement.
13
use of resources in such a way as to maximize the output of goods and services
efficiency
land
labor
scarcity
14
use of fewer resources than an economy is capable of using
underutilization
marginal benefit
marginal cost
scarcity
15
The most fundamental economic problem is
security.
the fact the United States buys more goods from foreigners
health.
scarcity.
16
Opportunity cost refers to
the cost of labor when production is expanded or changed
the dollar amount attached to a good or service
the cost of not expanding production
the value of the next best alternative
17
something essential for survival
land
labor
services
need
18
the extra benefit of adding one unit
scarcity
marginal benefit
services
factors of production
19
An autoworker is considered ________ and earns ________.
entrepreneurship; wages
labor; wages
capital; rent
labor; rent
20
the government must decide between increasing military spending and subsidizing farmers
the law of increasing costs
decision making at the margin
under-utilization of resourses
a gun or butter issue
21
Where on a production possibilities curve are the categories or goods to be compared shown?
along the axes
in the title
on the grid
on the next page
22
the extra cost of adding one unit
underutilization
marginal cost
trade-off
marginal benefit
23
actions or activities that one person performs for another
need
services
labor
land
24
Where on a production possibilities curve is the economy working at its most efficient levels?
on the production possibilitiesfrontier
off the chart
as one moves closer to the axis
on the horizon
25
principle that limited amounts of goods and services are available to meet unlimited wants
need
services
efficiency
scarcity

What is Economics - Terms and Concepts Flashcards | StudBud