Intro to Economics

Question 1

If I choose to buy concert tickets, I can't use that money to buy a video game. The loss of the video game would be my:

Accepted Answer

Opportunity Cost

Question 2

Decisions are made by the government

Accepted Answer

Command economy

Question 3

Decisions are made by individual buyers and sellers

Accepted Answer

Market economy

Question 4

Machines and tools used to create consumer goods and services

Accepted Answer

Capital

Question 5

Who wrote "The Wealth of Nations"

Accepted Answer

Adam Smith

Question 6

Natural resources

Accepted Answer

Land

Question 7

Why were blue and yellow incorrect on the last question?

Accepted Answer

The question writer is evil., They go from a point below the line to a point closer to the line.

Question 8

Your human capital includes your:

Accepted Answer

All of the above

Question 9

People make the same poducts the same way as their ancesters did

Accepted Answer

Traditional economy

Question 10

Starting a business and making decisions about employees and production

Accepted Answer

Enterprise

Question 11

Workers who create goods and services

Accepted Answer

Labor

Question 12

Some decisions are made by government, others by individuals

Accepted Answer

Mixed economy

Question 13

What can cause a Production Possibities Curve to expand?

Accepted Answer

New Technology

Question 14

Define utility

Accepted Answer

All of the above

Question 15

Consumer goods can be:

Accepted Answer

Non-durable goods, Durable goods

Question 16

Which of these is most likely a need?

Accepted Answer

Hammer and nails

Questions 16