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Economics (1) Flashcards | StudBud
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Economics (1)
Economics (1)
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Practice with productive resources, scarcity, and opportunity cost
Flashcards
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Answers
1
Mental talents of workers is an example of what productive resource?
capital
natural
human
entrepreneurship
2
Which is intangible?
services
goods
3
Who determines your opportunity cost?
your friends
your parents
you
your teachers
4
The quote,
"There is no such thing as a free
lunch."
means what?
never accept a free lunch
none of these options
everything has a cost
you must always pay for lunch
5
What is the definition of opportunity cost?
all of the choices you could have made but did not
the chance that you will lose money
the money you spend to buy something
next best alternative that you give up
6
Which of the following is NOT a requirement for something to be scarce
desireable
more than one use
limited in quantity
expensive
7
Oil in Saudi Arabia is scarce. Why?
It is inexpensive to purchase
It has many uses.
It is expensive to purchase
It is not desireable.
8
What is the non-monetary opportunity cost of attending college?
money spent for tuition
less time to spend with friends
getting a job
saving for a car
9
Why is radioactive waste not scarce?
It is not desireable.
It does not have more than one use.
It is not limited in quantity.
It is expensive.
10
Which productive resources are scarce?
natural
capital
human
all of these
11
All businesses that sell goods/services require what to produce these goods/services?
large amount of money
productive resources
government permission
factories
12
Capital does not include which of the following examples?
tools
money
transportation
equipment
13
What is another term for all natural resources used in the production process?
land
entrepreneurship
labor
capital
14
Scarcity exists when ________ exceed the capacity of available _________.
wants, resources
investments, capital
supplies, resources
inventions, materials
15
Choice 1) candy bar 2) magazine 3) soda. What is the opportunity cost of buying the candy bar?
both the magazine and soda
soda
magazine
your cash
