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Economics: Quiz 1 Flashcards | StudBud
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Economics: Quiz 1
Economics: Quiz 1
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Questions
12
Answers
1
Which of the following is TRUE regarding international trade?
Trade can create unemployment for outsourced jobs
Trade occurs due to nations producting at the lowest opportunity cost
All of these are correct
Trade results in lower prices of goods
2
Who has the absolute advantage in rice
India
USA
Greece
Tied
3
Why is making choices necessary in Economics?
Some nations have an absolute advantage
There are 4 Factors of Production
There are opportunity costs for our choices
There is scarcity in resources
4
Assembly Line Workers are which of the following Factors of Production
Capital
Entrepreneurship
Labor
Land
5
Henry Ford is which Factor of Production
Land
Labor
Entrepreneurship
Capital
6
India's cost for one 1 rice is ____________________ grapes
1.8
2
.56
.5
7
Based on the comparative advantage, ____________ should produce rice
IDK
India
WTF
Greece
8
Which of the following describes a point outside of the PPF
Opportunity Cost
Productive
Inefficient
Impossible
9
When Production of a product increases, opportunity costs...
Remains Constant
All of these are correct
Decreases
Increases
10
Which best describes the term "Opportunity Cost"?
Relying more on trade
Becoming more efficient at a job
The value of the next best option no chosen
A Scarce Resource
11
Welding Skills are which of the following Factor of Production
Capital
Land
Labor
Entrepreneurship
12
Farmland is which Factor of Production
Land
Labor
Capital
Entrepreneurship
