In this productionpossibilities curve, what could cause production to move from point a topoint

factories that areavailable but idle

A popular model used to illustrate the concept of opportunity cost is

the production possibilitiescurve

What represents the cost in military goods given up?

the vertical distance frompoint A to point x

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Economics Chapter 1-a What is Economics

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Chapter 1 Economics

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Questions 10

Answers

1
In this productionpossibilities curve, what could cause production to move from point a topoint
factories that areavailable but idle
the availability ofadditional resources
increased productivity
economic growth
2
Manufactured Goods needed to produce other goods and services are called?
Consumer Goods
Nondurable Goods
Capital Goods
Gross Domestic Product (GDP)
3
A popular model used to illustrate the concept of opportunity cost is
the paradox of value
entrepreneurship
the factors of production
the production possibilitiescurve
4
What represents the cost in military goods given up?
the horizontal distancebetween point z and point E
the horizontal distancebetween point y and point z
the vertical distancebetween point x and point y
the vertical distance frompoint A to point x
5
Division of labor is a characteristic of?
home craft business
entrepreneurship
assembly line production
classroom education
6
To arrive at an economic decision, a decision-making grid may be used to evaluate?
only capital goods
alternative choices of action
only durable goods
productivity
7
dollar value of allfinal goods,services,and structures made within a country’s borders in 1yr
Gross Domestic Product(GDP).
its standard of living
a cost-benefit analysis
financial capital
8
necessities have little value whilesome non-necessities have a much higher value is known as
opportunity cost
the paradox of value.
trade-offs
economic interdependence
9
What economic concept is Adam Smith describing when encouraging people to be good at one thing
paradox of value
specialization
productivity
division of labor
10
The study of economics is important because it enables us to
increase our consumption ofconsumer goods
describe our standard ofliving
become better decisionmakers
determine what goods oughtto be produced

Economics Chapter 1-a What is Economics Flashcards | StudBud

Economics Chapter 1-a What is Economics

10 termsStudBud Administration382 plays

Chapter 1 Economics

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
In this productionpossibilities curve, what could cause production to move from point a topoint
factories that areavailable but idle
the availability ofadditional resources
increased productivity
economic growth
2
Manufactured Goods needed to produce other goods and services are called?
Consumer Goods
Nondurable Goods
Capital Goods
Gross Domestic Product (GDP)
3
A popular model used to illustrate the concept of opportunity cost is
the paradox of value
entrepreneurship
the factors of production
the production possibilitiescurve
4
What represents the cost in military goods given up?
the horizontal distancebetween point z and point E
the horizontal distancebetween point y and point z
the vertical distancebetween point x and point y
the vertical distance frompoint A to point x
5
Division of labor is a characteristic of?
home craft business
entrepreneurship
assembly line production
classroom education
6
To arrive at an economic decision, a decision-making grid may be used to evaluate?
only capital goods
alternative choices of action
only durable goods
productivity
7
dollar value of allfinal goods,services,and structures made within a country’s borders in 1yr
Gross Domestic Product(GDP).
its standard of living
a cost-benefit analysis
financial capital
8
necessities have little value whilesome non-necessities have a much higher value is known as
opportunity cost
the paradox of value.
trade-offs
economic interdependence
9
What economic concept is Adam Smith describing when encouraging people to be good at one thing
paradox of value
specialization
productivity
division of labor
10
The study of economics is important because it enables us to
increase our consumption ofconsumer goods
describe our standard ofliving
become better decisionmakers
determine what goods oughtto be produced