Test 1: Economics (1 of 2)

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

Which Scottish philosopher wrote a book telling how free-market capitalism should work?

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

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

Which is an example of scarcity?

Which is an example of human capital?

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

Which is NOT an example of thinking at the margin?

Out of these choices, who is an entrepreneur?

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?

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

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

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

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

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

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