Review Sheet 1st or 3rd 3-weeks Economics Exam

Point B on the production possibilities graph represents-

A nation’s wealth is made up of:

According to the economics model above if you produce 5 computers you could also produce?

What was Rebecca's opportunity cost when she chose to buy the green scarf? (Confessions of a Shopaholic)

Opportunity cost refers to

In the graph above which combination is the best possible combination of production?

The curved line in the graph above represents-

According to this graph, if a country chose to produce 15 units of Guns, how many units of Butter could be produced?

According to the graph, which point would allow a country to not produce any Butter?

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Which of the following helps determine something’s value?

Point A on production possibilities graph represents-