Unit 1: Economics and Choice 1

Question 1

The model that shows that maximum number of goods that can be produced with limited resources

Accepted Answer

Production Possibilities Curve

Question 2

Point B

Accepted Answer

Efficiency

Question 3

Which of the following is an example of capital?

Accepted Answer

Oven

Question 4

The meaning of the word Marginal

Accepted Answer

One More

Question 5

When resources are used to their full potential

Accepted Answer

Efficient

Question 6

Benefits offered to encourage people to take certain actions.

Accepted Answer

Incentives

Question 7

How a shift of the PPC can occur

Accepted Answer

New Technology

Question 8

The law that states that some resources are better suited to making certain products

Accepted Answer

Law of Increasing Opportunity Costs

Question 9

If the price of sandwiches goes up, people will

Accepted Answer

buy less of them

Question 10

Which of the following is NOT one of the three economic questions asked because of scarcity?

Accepted Answer

Why Will It Be Produced?

Question 11

Point A

Accepted Answer

Underutilization

Question 12

The value of something that is given up to get something else that is wanted

Accepted Answer

Opportunity Cost

Question 13

The opportunity cost of working after school is

Accepted Answer

the sports you can't play

Question 14

What are the four factors of production?

Accepted Answer

Land, Capital, Labor, Entrepreneurship

Question 15

If you move from point B to point D, you gain ____ and lose ____.

Accepted Answer

butter, guns

Question 16

One of many different actions that we might take in a given situation

Accepted Answer

Alternative

Question 17

The situation that exists when there are not enough resources to meet human wants

Accepted Answer

Scarcity

Question 18

Which type of economics deals with describing what SHOULD happen?

Accepted Answer

Normative Economics

Question 19

A person who looks at the prices in the shoe industry would be which type of economist?

Accepted Answer

Microeconomist

Question 20

The definition of scarcity is that there is not enough and

Accepted Answer

people want it

Questions 20