Chisum Econ - Unit 1 Review

What are the four factors of production?

Country A can make 1 X's or 2 Z's. Country B can make 2 X's or 3 Z's. Who has comparative advantage in Z's?

Which of the following would cause an outward shift of the PPC?

How is economic growth represented on a production possibilities curve (PPC)?

Which of the following is NOT one of the three fundamental questions of economic?

Which of the following best explains scarcity?

Joe can study for an econ exam, or mow lawns for $30, or work at CiCi's for $40. Calculate opportunity cost of studying.

Based on this chart, what is the marginal utility of the second slice of pizza?

Which of the following best defines absolute advantage?

Country A can make 1 X's or 2 Z's. Country B can make 2 X's or 3 Z's. Who has absolute advantage in X's?

What does a production possibilities curve (PPC) represent?

What type of factor of production would a delivery truck fall under?

Identify the economic system: Stanistan is a dictatorship where a central planning board makes all economic decisions.

Identify the economic system: In Libertania, resources are allocated by free exchange between consumers and producers.

A straight line (non-curved) PPC represents which of the following?

What fundamental problem does economics try to solve?

Which of the following best defines comparative advantage?

As an individual consumes more of a good, what happens to marginal utility?

Which of the following best describes the "Invisible Hand" in economics?

Which of the following best describes a mixed economy?

What is the "foregone value of the next best alternative"?

Based on this chart, how many slices of pizza should this consumer buy?