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Ch. 1 Review Game (Macro Econ 421) Flashcards | StudBud

Explore/Ch. 1 Review Game (Macro Econ 421)

Which of these is not a resource?

What does a Production Possibilities Graph show?

Ch. 1 Review Game (Macro Econ 421)

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Questions 4

Answers

1
What does a Production Possibilities Graph show?
Identifies usage of time and money
Identifies that goods can be read in graph form
Identifies usefulness of goods
Identifies production of goods
2
Which of these is not a resource?
Technology
Land
Entrepreneurship
Labor
3
What qualifies as "entrepreneurship"?
an business idea/venture
types of workers
materials required
natural resources
4
Which of these is NOT a step in calculating opportunity cost?
Subtract equivalent from maximum of same group
Simplify the equivalent over the maximum of the same group
Find the equivalent
Circle what you're making