Unlimited wants/needs and limited resources

Which of the following only contains factors of production?

Land, Labor, Capital and Entrepreneurs

What is a characteristic of an entrepreneur?

They expose themselves to possible failure

How is underutilization portrayed on a PPC graph?

it's a point below the frontier (the curve)

What can you say about opportunity cost?

It's the value of the next best alternative

Which situation involves making a decision at the margin?

deciding how many hours to study for the test

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What is Economics?

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Intro Practice Quiz

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Questions 15

Answers

1
If a production possibilities frontier shifts outward, what has occurred?
Cost-benefit analysis
There is a new category in the factors of production
Economic growth
Economic efficiency
2
We can say Economics is the science of:
Finance
Profit
Decision-making
Money
3
What is scarcity?
Limited wants and needs and limited resources
Unlimited wants and needs and unlimited resources
Unlimited wants/needs and limited resources
Limited wants/needs and unlimited resources
4
Which of the following only contains factors of production?
Land, Labor, Consumers and Entrepreneurs
Consumers, Producers, Capital and Entrepreneurs
Entrepreneurs, Capital, Goods and Services
Land, Labor, Capital and Entrepreneurs
5
Which of the following does NOT provide a service?
a hair stylist
an uber driver
a dairy farmer
a plumber
6
What is a characteristic of an entrepreneur?
They always get paid
They expose themselves to possible failure
They work for corporations
They report to the boss
7
Which phrase refers to the trade-offs that are always involved whenever we make a decision?
sling shots or margarine
guns or butter
dungeons or dragons
mayo or mustard
8
What can't a PPC tell us?
economic efficiency
the etymology of Economics
cost-benefit analysis
economic growth
9
Which of the following factors of production refers to what employers are looking for in a job interview?
Labor
Physical capital
Entrepreneurship
Human capital
10
How is underutilization portrayed on a PPC graph?
it's pointless
it's a point below the frontier (the curve)
it's a point above the frontier (the curve)
it's a point on the frontier (the curve)
11
What is happening if an economy is not using all of its resources to its full extent?
Scarcity
Underutilization
Economic efficiency
Economic growth
12
Which of the following factors of production categories does water belong in?
liquid
flow
labor
land
13
Goods and services are:
Unlimited
Actions
Tangible
Scarce
14
What can you say about opportunity cost?
It is the price paid for a product
It's the value of the next best alternative
It represents all of the trade-offs available
It's expressed in terms of money
15
Which situation involves making a decision at the margin?
deciding how many hours to study for the test
going to LBCC or CSULB
going to school or sleeping in
eating at Taco Bell or Taco Surf

What is Economics? Flashcards | StudBud