Unit #1 Economics Review

Identify which Factor of Production the listed resource is an example of: Plumbing Knowledge

Why is there an opportunity cost associated with the production of one good over the other?

America is a pure market economy

Identify which Factor of Production the listed resource is an example of: Temperate Climate

What does the Production possibilities Curve show?

In terms of Resources, the purpose of the Production Possibilities Frontier is to do which of the following?

Which of the following is NOT a reason a free market economy needs some government intervention?

Identify which Factor of Production the listed resource is an example of: Secretary

Which of the following is NOT an economic goal?

Identify which Factor of Production the listed resource is an example of: Steve Jobs

Full employment means having an unemployment rate of 0%.

Economic stability is an economic goal

Why are all goods and services scarce?

Which of the following is a limitation of a pure Market Economy?

Scarcity implies that people have to make____.

What is Opportunity Cost?

Which of the following was a free market philosopher?

How is per-unit opportunity cost determined, for an "OUTPUT" problem?

In a Command Economy, private individuals control all of the Factors of Production

How can you see economic growth on the Production Possibilities Graph?

Which of the following statements BEST describes a Traditional Economic System?

Identify which Factor of Production the listed resource is an example of: Copy Machine

With a Production Possibilities Curve, what assumption is made?

Which of the following is NOT one of the primary Economic Questions that all systems must answer?

Performing the action that has the lowest opportunity cost and depending on someone else to do the same is called...

Which German philosopher do we associate with Command Economies?

The resources used to make all goods and services are known as what?

Economics is the study of money.