Knuth Econ Unit 1 Review

Question 1

Typically, new technology expands the production possibilities frontier.

Accepted Answer

True

Question 2

The Formula for Coca-Cola is intellectual property

Accepted Answer

True

Question 3

Ron can eat 60 eggs or 25 steaks what is his opportunity cost of eating 1 steak?

Accepted Answer

2.4 eggs

Question 4

Immediately after World War 1 the production possibilities frontier of the entire planet went down

Accepted Answer

True

Question 5

Leslie can eat 35 waffles or clean 21 parks. what is her opportunity cost for eating 1 waffle?

Accepted Answer

3/5 of a park

Question 6

Which economic system is least able to adapt to change?

Accepted Answer

Traditional Economy

Question 7

Jim can make 15 sales or pull off 10 pranks. What is opportunity cost of doing 1 prank?

Accepted Answer

1.5 sales

Question 8

The fire department is an example of a

Accepted Answer

Public good, Common resource

Question 9

Cheeseburgers are intellectual property

Accepted Answer

False

Question 10

I-69, during rush hour, is best described as a

Accepted Answer

Common resource

Question 11

Which economic system provides the most in terms of environmental safety

Accepted Answer

Mixed Economy

Question 12

What is the biggest item facing scarcity during your weekend?

Accepted Answer

Time

Questions 12