Economics - Unit 1

Question 1

Opportunity cost refers to

Accepted Answer

the value of the next best alternative

Question 2

The situation in which some necessities have little value while some non-necessities cost a lot

Accepted Answer

paradox of value

Question 3

When a nation's total output is increasing over time it is experiencing

Accepted Answer

economic growth

Question 4

Consumers can influence the production and sale of goods by

Accepted Answer

voting with their dollars

Question 5

Which of the following would not be considered land?

Accepted Answer

Chainsaw

Question 6

What kind of economy offers uniformity in wages regardless of individual productivity?

Accepted Answer

Command and Socialist Economies

Question 7

Protection from an injuries or disabilities would fall under which economic goal?

Accepted Answer

security

Question 8

The concept of voluntary exchange means

Accepted Answer

people freely and willingly engage in market transactions

Question 9

Manufactured goods used to produce other goods are called

Accepted Answer

capital goods

Question 10

What is the name of a popular model used to illustrate opportunity costs?

Accepted Answer

production possibilities frontier

Question 11

Which of the following is an economic goal in the US?

Accepted Answer

price stability

Question 12

Sellers stuggle to attract consumers by offering the best products at the lowest prices is

Accepted Answer

competition

Question 13

The government's role in a mixed economy is that it is the

Accepted Answer

regulator charged with preserving competition

Question 14

Economics is best defined as the study of how societies deal with

Accepted Answer

the problem of scarcity

Question 15

Actions in one part of the country that have an impact on what happens elsewhere is called

Accepted Answer

economic interdependence

Question 16

In order for a production possibilities curve to shift outward, what has to happen?

Accepted Answer

Increased Technology

Question 17

The minimum wage law is an example of a federal law that supports

Accepted Answer

economic equity

Question 18

An example of a market economy is

Accepted Answer

the United States

Question 19

A market economy

Accepted Answer

does not provide for everyone's basic needs

Question 20

Division of labor is a characteristic of

Accepted Answer

assembly line production

Questions 20