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Economics, Unit 1, Test 1 Flashcards | StudBud
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Economics, Unit 1, Test 1
Economics, Unit 1, Test 1
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Quiz review for CSHS's first unit exam covering standards SSEF1, SSEF2, SSEF3, SSEF6
Flashcards
31 cards
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Questions
31
Answers
1
Point B on the following production possibilities graph is considered...
maximum efficiency with given resources
underutilization
impossible to reach with given resources
an increase in production
2
Which of the following is not considered one of the four productive resources?
labor
land
labor
inputs
3
Which of the following would be considered an INPUT for lemonade?
oil
cocoa
peanuts
sugar
4
What is occurring in the following PPC graph?
It is increasing.
It is decreasing.
5
A movement from curve 1 to curve 2 shows a/an__________ on this production possibilities curve
decrease
increase
6
Which of the following is NOT known for increasing productivity?
investment in property
investment in human capital
investment in technology
investment in physical capital
7
Which of the following is NOT shown on a production possibilities graph?
opportunity cost
efficiency
trade offs
total economic production
8
Natural resources such as wheat, water, and iron ore would be considered which resource?
entrepreneurship
land
labor
capital
9
Which of the following motivates entrepreneurs to take risks and start new businesses?
private ownership
scarcity
profit
government regulations
10
What could have occurred to cause the shift in the PPC as illustrated in this graph?
increased human capital
investment in physical capital
cheaper inputs
a natural disaster
11
The study of how individuals, firms, and nations can best allocate their resources is called
economics
scarcity calculation
entrepreneurship
government regulation
12
Why is specialization important?
It eliminates the need for trade.
It causes the production possibilities graph to decrease.
It leads to higher productivity.
It causes self-sufficiency.
13
Points A, B, and C on this PPC represent:
underutilization and inefficiency
unattainable points with the given resources
maximum output
an increase in inputs
14
Moving from point B to point C on this PPC incurs an opportunity cost of
5 boats
5 trucks
3 boats
3 trucks
15
Attending school or a training program helps people invest in which of the following?
innovation
entrepreneurship
human capital
physical capital
16
What could have caused the changes seen in the following PPC graph?
a natural disaster
a worker's strike
increased prices for goods A and B
an increase in labor resources
17
Unlimited needs and desires meeting limited resources is the definition of. . .
scarcity
productive resources
trade offs
opportunity cost
18
What could cause a PPC for sodas and juice to shift to the left?
new technology speeds up the bottling process
increased cost of sugar and filtered water
the company receives new business investments
cheaper labor means more workers for the factory
19
Brianna can spend $20 on dinner or a movie. She chooses the movie. What is her opportunity cost
the $20 she spent
the dinner
the movie
all the other things she could have spent her $20 on
20
Which of the following would be considered a consumer good?
computer technology
toothpaste
factory equipment
tractor machinery
21
If a factory owner uses some of her profits to purchase new machinery she is investing in
human capital
producer price inputs
physical capital
output returns
22
Moving from point A to point B on this PPC incurs an opportunity cost of
5 boats
2 boats
3 trucks
5 trucks
23
Brianna works at Burger King. She is considered which of the following productive resources:
land
entrepreneurship
labor
capital
24
Point D on this PPC represents:
unattainable points with the given resources
maximum output
underutilization and inefficiency
an increase in inputs
25
The next best alternative given up when you make a decision is called. . .
trade off
opportunity cost
scarcity
marginal benefit
26
What does the word allocate mean?
to profit
to negotiate
to collect
to distribute
27
Moving from point C to point A on this PPC incurs an opportunity cost of
2 boats
5 boats
4 trucks
5 trucks
28
A factory's warehouse would be considered which of the following productive resources?
land
(physical) capital
labor
human capital
29
What happens when the marginal benefits of an action equal or exceed the marginal costs?
rational decisions
opportunity cost
scarcity
innovation
30
What is occurring in the following PPC graph?
It is increasing.
It is decreasing.
31
Point E on this PPC represents:
unattainable points with the given resources
underutilization and inefficiency
an increase in inputs
maximum output
