Unit 1 Review

Question 1

What has a limited scope in a market economy?

Accepted Answer

Government

Question 2

Limited resources to satisfy unlimited economic wants?

Accepted Answer

Scarcity

Question 3

There are two types of capital.

Accepted Answer

True

Question 4

Which of the following is NOT a factor of production?

Accepted Answer

Money

Question 5

The next best option you gave up to get something.

Accepted Answer

Opportunity Cost

Question 6

When a company splits up the production process.

Accepted Answer

Division of Labor

Question 7

What kind of economy has the government in control?

Accepted Answer

Command

Question 8

What is a rational decision?

Accepted Answer

MB > MC

Question 9

Economic growth on a PPC can be shown by....

Accepted Answer

Shift to Right

Question 10

Which of the following is human capital?

Accepted Answer

knowledge

Question 11

Which of the following is an example of land?

Accepted Answer

Water

Question 12

When a company focuses on selling only one type of item or items.

Accepted Answer

Specialization

Question 13

Which of the following is physical capital?

Accepted Answer

Factory

Question 14

What is productivity?

Accepted Answer

Inputs to Outputs

Question 15

A graph that shows how many items can be produced at a time.

Accepted Answer

Production Possibilities Curve

Question 16

What problem do ALL nations have in common?

Accepted Answer

Scarcity

Question 17

What kind of economy is ran by individuals?

Accepted Answer

Market

Question 18

A point OUTSIDE of the PPC is...

Accepted Answer

Unattainable

Question 19

Which of the following is NOT a disadvantage of a command economic system?

Accepted Answer

Little gov't intervention

Question 20

What kind of economy is ran by both individuals and governments?

Accepted Answer

Mixed

Questions 20