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Economics Unit 1: Intro to Economics #1 Flashcards | StudBud
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Economics Unit 1: Intro to Economics #1
Economics Unit 1: Intro to Economics #1
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Questions
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Answers
1
Capital is anything that comes from nature.
True
False
2
Which point below shows the non-efficient level of production?
C
A
B
D
3
Which point below shows the efficient level of production?
B
A
D
C
4
Economics is the sciences that studies the choices people make to satisfy...
their desires in a world of plentitude
their needs in a world of plentitude
their passions in a world of scarcity
their wants in a world of scarcity
5
The following is an example of what Factor of Production?
Entrepreneurship
Land
Captial
Labor
6
The following is an example of what Factor of Production?
Entrepreneurship
Captial
Land
Labor
7
Labor is any physical or mental work.
True
False
8
The following is an example of what Factor of Production?
Entrepreneurship
Captial
Labor
Land
9
Which point below shows the unobtainable level of production?
A & B
C & D
D
C
10
Opportunity cost is
none of the above
The alternative choice you gave up
The same choice from perviously
The alternative choice that you did not give up
11
The opportunity cost of going to the movies instead of going to help your brother with homework
helping your brother with homework
not helping your brother with homework
not going to the movies
going to the movies
12
Trade-off is getting more of one good, by getting the same of another.
True
False
13
What are the three levels of production in a production possibilities curve?
realistic, non-realistic, unrealistic
dependent, non-dependent, unobtainable
efficient, not efficient, unobtainable
efficient, not efficient, unrealistic
14
Resources are the things needed to produce the products we want.
False
True
15
Which of the following is NOT a factor of production?
Land
Technology
Capital
Entrepreneurship
