Econ Unit 1

The PPC shows us that when we produce more of one good, we have to...

What is the opportunity cost of moving from point A to B?

Which of the following is true?

What does the PPC show?

Which of the following is the best example of an output?

Why can't we produce at point X?

Imagine we train new workers so they are better educated. What happens to the PPC?

What is a land resource for t-shirts?

Everyone has to make decisions. This is due to...

Which of the following is NOT one of the 4 types of resources?

Which of the PPC points are inefficient? 

Which of the following elements is NOT required on the PPC graph?

This type of resource takes risk & puts the other resources together to make a good/service

The next BEST alternative given up is...

When is a trade considered efficient? 

You love snowboarding, but go scuba diving this weekend instead. What's your opportunity cost?

You get up early to catch your flight. Sleeping in, showering, or eating would be considered...

You can go to work for $9/hour, or sleep in an hour late. You pick sleep. What's your opp cost?

True or false: Human capital is any resource used to produce other objects

The study of choices under conditions of scarcity is...

Which type of resource is a delivery truck?

What type of resource is a teacher?

Imagine half of the population quit their job. Where would we be producing?

Is a couch an input or output?

If you quickly end up regretting purchasing a selfie stick for $15, was your trade efficient? 

How could we shift the PPC to the right?