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Opportunity Cost

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Questions 8

Answers

1
What are the 4 skills the Human Capital has?
Education, Training, Knowledge, and Health.
Products, Services, Income, and Labor.
Labor, Training, Labor, and Knowledge.
Education, Income, Equipment, and Consumption.
2
How can Opportunity Cost be used in real life situations?
Trading your backpack with a friend's backpack.
Buying an IPhone instead of a Samsung.
Giving up converse for vans.
Giving up everything you have to have nothing.
3
What are the Factors of Production?
Land, Tools, Capital, & Consumption.
Land, Capital, Labor, & Entrepreneurial Ability.
Money, Capital, Products, and Production.
Labor, Entrepreneurial Ability, Resources, & Surplus.
4
What is Law of Demand?
I'm befuddled of this question.
Price of good decreases, quantity demand increases.
Price of good increases, quantity demand decreases.
Price & Demand are the same.
5
What is an example of Consumer Goods?
A Job
Water
A Car
Trees
6
Clarify Specialization.
An advantage of the production of goods and services.
Products or services that can be used in place of each other
A production on one or a small number of goods and services
Quantity supplied exceeds quantity demanded
7
Substitutes are products or ______ that can be used in place of each other.
Demands
Services
Shortages
Supplies
8
What is Law of Supply?
Price of good increases, quantity supplied decreases.
What is this sorcery?!
Price of good increases, quantity supplied increases.
Price of good decreases, quantity supplied decreases.