Econ Topic 1 & 2 Test Review (1 of 2)

If a society uses all its factors of production to their greatest extent, the society is ___.

If a company is not producing as much as it could with its resources, it is said to be ___.

What is this an example of? Limited amount of labor available b/c there are too many jobs & not enough people

Out of these choices, who is an entrepreneur?

Which is NOT an example of thinking at the margin?

Resources made by humans and used to create other goods and services

Using resources in such a way as to maximize the production of goods and services

Which is an example of human capital?

Minerals, oil, fertile soil, and water fall under which factor of production?

When making a decision, this is the second best option you could have chosen

Which is an example of scarcity?

A factory gets new technology that helps them produce goods quicker. This is an example of what?

Which answer choice is NOT shown on a production possibilities curve?

At the heart of economics is the issue of ___, a limited quantity of goods and services

Which option would cause the production possibilities curve to move to the right (grow the economy)?

Resources used to make all good and services

When the USSR chose to produce more military goods than consumer goods in the 30s, this was an example of what?