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Duplicate of EPF Unit 1 Review - The Basics of Economics Flashcards | StudBud
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Duplicate of EPF Unit 1 Review - The Basics of Economics
Duplicate of EPF Unit 1 Review - The Basics of Economics
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Questions
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Answers
1
A farm represents what factor of production?
Labor
Land
Capital
2
A Factor of Production is
Used in the production of goods and services.
Used in the production of goods.
Used in the production of services.
3
Materials that come from nature such as water, coal and timber are examples of
unlimited resources
natural resources
limited resources
capital resources
4
The opportunity cost of attending college is
equal to the salary one earns from college
the money you borrow to go to college
the money you could earning by skipping college
5
Opportunity cost is the value of the
best alternative you gave up
ce resources you haveaction that waschosen
resources you gave up
resources you gave up
6
Our economy is characterized by
abundant productive labor
unlimited wants
unlimited material resources
no energy resources
7
A delivery truck represents what factor of production?
Capital
Labor
Entrepreneurship
8
When marginal benefit of an activity exceeds marginal cost
people are better off doing less of it
people are better off doing more of it
9
Saving money to buy a house in ten years is an examples of a(n)
short-term goal
long=term goal
marginal goal
10
Economics is the study of
making money
stocks and bonds markets
gambling
choice under conditions of scarcity
11
A computer is an example of a
Natural resource
Capital resource
Limited resource
Unlimited resource
12
A risk-taker represents what factor of production?
Labor
Entrepreneurship
Capital
13
The additional satisfaction you receive from consuming an additional unit of a good is called
Marginal benefit
Marginal cost
Tradeoff
14
The principle of opportunity cost evolves from the concept of:
consumer spending
scarcity
individuality
15
Getting a college education or starting a business is an example of a (n)
goal
marginal benefit
marginal cost
16
What businesses use to produce goods and services is called
Resources
Needs
Production
17
Which is NOT an economic resource?
Money
Land
Labor
Capital
18
The four resources used to produce goods and services are land, labor, capital and
technology
entrepreneurship
education and training
goods and services
19
You have a Coke & a Pepsi and drink the Pepsi. What is the opportunity cost of your choice?
zero
the Coke
the Pepsi
20
An opportunity cost occurs
only when you make a good choice
whenever you make a choice
only when you don’t make a choice
only when you make a bad choice
21
The things you would like but can live without are called
Wants
Resources
Products
