Perdue - Introduction to Economics - Chapter 1

The addition of new resources often enables a nation to

Example of REAL capital

Which point shows production of 4,000 TVs and 3,000 trucks?

What are the opportunity costs of moving from point 3 to point 5 on the curve?

Who wrote The Wealth of Nations

Which of the following buys goods for personal use?

An example of under-utilization is producing

Entrepreneurs have a willingness to

A point inside the PPC incidates

An example of a trade-off is

Into what four categories do economists divide factors of production?

Describes economics as it is, and not as it should be

Another name for the PPC

What does the saying "There is no such thing as a free lunch" mean?

Production that is impossible to attain

Satisfaction received from using one more unit of a good or service

Underutilization

Using a PPC can help to increase a company's 

The US decides what goods to produce by letting

A normative economist might conclude that

The governments of some nations answer the question of what to produce to

Using resources to produce the maximum amount of goods and services

How does truck production change from point 3 to point 5 on the curve?

Deciding to go to a ball game rather nthan do your homework is an example of a(n)

Which is not considered a need?

If 4,000 TVs are being produced, how many trucks could be produced?

Wants are unlimited and

A country seeking to increase tourism will probably increase the production of

Which of the following best describes wants?