Economics Quarter 3 Test Review Pt.1

One advantage of the ________ is that it encourages growth

The Factors of Production can be defined as:

A graph that shows alternative ways to use an economy's resources is known as:

In a centrally planned economy, all of the decisions are made by:

Capital can be defined as:

Which of the following is an example of scarcity, rather than shortage?

A production possibilities curve increasing by workers becoming more skilled at using new equipment. This is growth by:

A student determining how each extra hour spent studying will result in an incremental better grade is an example of

The struggle among various producers for the consumer's business is called?

A new invetion that lowers the cost or production would cause the production possibilities curve to move to the:

The tractor on a farm is an example of:

Which of the following can be considered a "guns or butter" issue?

What is an example of human capital?

What does the process of specialization do for an economy?

Which of the following would you NOT find in a centrally planned economy?

An efficient economy is one that

A farmer that is growing corn is underutilizing its resources. What does this mean?

Which incentive motivates a manufacturer to sell a product?

Which of the following is a condition that most people would NOT expect a saftey net to provide for?

How could the Chinese economy be characterized?

Children growing up to have the same jbos as their parents is indicative of a ______________ economy

Why are all goods and services scarce?

What is the function of an economic system?

One thing that can help you determine the opportunity cost of your decision is a

When producers will not produce a product because they have gone on strike it will most likely cuase a

How would you describe an economy that uses its natural resources to make the greatest possible number of goods/services

Adam Smith is a philosopher who advocated for:

The maximum amount that an economy can produce can be found on a

In which kind of economy do entreprenuers have the most opportunity to tr to achieve success?

One factor that helps keep prices low in the marketplace is: