Econ Chapter 1

Question 1

Any human made resource that is used to make other goods and service is called what

Accepted Answer

Physical Capital

Question 2

"Thinking At The Margin" is when someone is deciding to throw away their remaining Chic-Fil-A nuggets

Accepted Answer

True

Question 3

Why are plumbers considered "scarce" in economic terms?

Accepted Answer

The number of skilled plumbers is limited relative to demand

Question 4

Every decision involves trade-offs because....

Accepted Answer

Our needs outweigh our resources, The existence of Scarcity

Question 5

Migrant workers who put together Tom Brady's UGG Boots is which factor of production

Accepted Answer

Labor

Question 6

Which is a benefit to using capital?

Accepted Answer

Enhances Efficiency/Output

Question 7

Which is NOT true of a PPC

Accepted Answer

Illustrates Growth Through A "Shift To The Left"

Question 8

Which shows a business trying to increase human capital?

Accepted Answer

Paying for their employees' education

Question 9

Coal mined in West Virginia is which factor of production?

Accepted Answer

Land

Question 10

Which of the following best defines labor as a factor of production?

Accepted Answer

Human effort applied when producing

Question 11

Limited amount of goods and services to satisfy unlimited wants and needs is called?

Accepted Answer

Scarcity

Question 12

Physical Capital used by a furniture maker would include:

Accepted Answer

Saws and drills

Question 13

Which is NOT a positive attribute of an Entrepreneur?

Accepted Answer

Keeps wages low to achieve maximum profitability

Question 14

Human capital includes?

Accepted Answer

Taxi's knowledge of the streets

Question 15

Scarcity will always exist to some extent

Accepted Answer

True

Question 16

The PPF is a graph that illustrates the different combinations of resources to create 2 or more products

Accepted Answer

False

Question 17

The tractor used by a farmer is which factor of production

Accepted Answer

Capital

Question 18

Replacing factories with farmland is an example of

Accepted Answer

All

Question 19

"Decision-Making Grides" & "Thinking At The Margin" are used when weighing trade-offs.

Accepted Answer

True

Question 20

The most desirable alternative given up as a result of a decision is called

Accepted Answer

Opportunity Cost

Question 21

Process of determining what you will gain and sacrifice by a specific action

Accepted Answer

Cost/Benefit Analysis

Question 22

Which of the following is the best definition of opportunity costs?

Accepted Answer

Amount of one good that must be given up in order to make another good

Question 23

Which would cause the PPC to "Shift To The Right"?

Accepted Answer

Starbucks aquires more land to make nasty drinks

Question 24

The use of resources in a way to maximize the output of goods and services

Accepted Answer

Efficiency

Question 25

Trade-Offs are normally NOT able to be physically measured

Accepted Answer

False

Question 26

When the quality or quantity of the Factors Of Production changes negatively one will see a change in?

Accepted Answer

Growth

Question 27

In decision-making, when additional costs exceed additional benefits, it is economically wise to:

Accepted Answer

Stop or limit the action to avoid inefficiency

Question 28

Efficiency, Growth, and ______ can be identified on the PPF

Accepted Answer

Cost

Question 29

A factory is an example of what factor of production?

Accepted Answer

Physical Capital

Question 30

On the PPC, why is a point outside the PPF impossible to reach?

Accepted Answer

Resources are limited and insufficient to achieve it

Question 31

An economy at its production possibilities frontier is operating

Accepted Answer

At Full Potential

Question 32

Which is an entrepreneur?

Accepted Answer

Creating an all organic cleaning supply line

Question 33

A popular model used to illustrate the concept of opportunity cost is

Accepted Answer

PPF

Question 34

A growing economy will be characterized by _______ on the PPC

Accepted Answer

Shift to the Right

Question 35

The "Guns or Butter" model is used in economics to illustrate the trade-off between?

Accepted Answer

Military spending and social spending

Question 36

Inefficiency

Accepted Answer

This means more could be produced given the resources available

Question 37

Factors of Production are subject to trade offs

Accepted Answer

True

Question 38

The computer that you use to take an online class is a form of Human Capital

Accepted Answer

False

Econ Chapter 1

Questions 38

Econ Chapter 1

Questions 38