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Unit 1 Eco Flashcards | StudBud
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Unit 1 Eco
Unit 1 Eco
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Questions
17
Answers
1
Which point DOES NOT represents full employment?
C
E
A
B
2
_______ is the sum of the skills, abilities, health, and motivation of people.
value
capital goods
Human capital
services
3
Which of these IS NOT a factor of production?
Energy
Entreprenuer
Land
Labor
4
Which point represents inefficient use of resources?
B
D
E
A
5
People who use goods and services to satisfy their wants and needs are called________.
economists
producer
consumers
Selfish
6
Which of these IS NOT one of the 3 basic economic questions?
How to produce
When to produce
For Whom to produce
What to produce
7
Which point represents a combination of consumer and capital products that may be obtainable sometime in the future?
E
C
A
D
8
The _______ of a CD player can be expressed in dollars and cents.
scarcity
utility
services
value
9
The ______ of going to a football game instead of working would include the money not earned at your job.
factor of production
scarcity
opportunity cost
utility
10
What is utility?
sum of the skills, abilities, health, and motivation of people.
Land, labor, entrepreneurship, and capital
an inefficient use of resources.
capacity of a product to be useful.
11
scarcity come from limited wants and unlimited resources.
True
False
12
The only factors of production that are themselves the result of earlier production are _______.
opportunity cost
consumer goods
capital goods
human capital
13
Which of the following points would the economy choose to enhance future production?
D
B
E
A
14
Economic products designed to satisfy peoples wants and needs are called?
consumer goods
human capital
services
capital goods
15
The phrase "no free lunch" alludes to what economic term?
opportunity cost
factors of production
services
value
16
Which of these IS NOT an example of a service?
haircut
repairman
Flat screen Tv
concert
17
_____ arises because society dose not have enough resources to produce all the things people would like to have.
utility
consumer goods
scarcity
value
