Which of the following would shift the PPC to the right, allowing for economic growth?

an increase in production technology

What is opportunity cost?

loss of other alternatives when one alternative is chosen

giving up one thing for another

Something someone does for someone else.

You chose to study for an economics test instead of a science test. What statement best describes the opportunity cost?

The grade you could have gotten on the science test

What is entrepreneurship?

The process of starting and running one's own business.

Production along the arc of the PPF is

Most Efficient use of Resources

What does economics study?

How societies use scarce resources

Something you buy and can touch.

What are economic needs?

Things that are required in order to live

People with all their efforts, abilities and skills.

What are economic wants?

Goods or services that are not necessary but that we desire

Point X, outside of the Production Possibilities Curve (PPC) represents

Impossible given current resources

What is the Production Possibilities Curve?

All the goods and services we can produce

What are the four factors of production?

labor, resources, capital, entrepreneurship

What are the 3 BASIC economic questions all societies must answer?

What to produce, how to produce, and for whom to produce?

Why do we have to make economic decisions?

There are not enough resources to meet our needs and wants

What would be considered a good?

Cars, Beds, All of the above, Televisions

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Unit 1 Economics Review

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Questions 32

Answers

1
What does an economist mean when they say that resources are scarce?
Resources are rare
Resources are difficult to find
Resources are limited
Resources must be created
2
Which of the following would shift the PPC to the right, allowing for economic growth?
an increase in trade barriers
an increase in production technology
a decrease in the production of capital goods
a decrease in popultion
3
What is opportunity cost?
loss of other alternatives when one alternative is chosen
act of choosing between two or more possibilities
opportunity for profit
opportunity for loss on your investment
4
What is a trade-off?
value
value of next best thing
giving up one thing for another
something you want
5
What is a service?
Something you give someone.
A new book.
Something someone does for someone else.
Water
6
What is capital?
Hammers
Machines
Tools
All of the above
7
Which of the following is NOT a factor of production?
Land
Capital
Money
Labor
8
Which factors of production would be necessary to produce shoes in a warehouse?
All of the above
Capital
Land
Labor
9
What name do economists give to each possible use of a resource?
Tradeoffs
Want
Need
Product
10
You chose to study for an economics test instead of a science test. What statement best describes the opportunity cost?
The things you would do if you did not study for the economics test
The knowledge you gained from studying on the economics test
The time you spent studying for the economics test
The grade you could have gotten on the science test
11
What are examples of economic wants?
fruit, games, clothes, candy
food, water, shelter, air
cutting hair, fixing car, putting out fires
toys, jewelry, video games, TV
12
What is entrepreneurship?
The process of surveying consumers.
The process of finding potential investors.
The process of starting and running one's own business.
The process of developing a business plan.
13
Production along the arc of the PPF is
Most Efficient use of Resources
Impossible
Inefficient use of resources
14
Which of the following could shift a PPC to the left?
Innovation in technology.
A shortage of resources.
Higher productivity from workers.
Lower demand for a product.
15
What does economics study?
How societies use scarce resources
How to maximize profits
How resources are distributed
How to eliminate competition
16
What is a good?
Something you do for someone else.
The air.
Something someone buys for you.
Something you buy and can touch.
17
What are some examples of natural resources?
Water, Windmills and Timber
Wind turbines, Soil and Dirt
Caddo, Jumano, Comanche and Kiowa
Water, Soil and Timber
18
Production INSIDE the arc of the PPF is
Impossible
Most Efficient use of Resources
Inefficient use of resources
19
What are economic needs?
things you can see and touch
Economic status and lifestyle of your family
Things that are required in order to live
Things that add comfort
20
What is Labor?
A delivery of goods
Economic study of production
People with all their efforts, abilities and skills.
People working hard to earn money
21
What are economic wants?
Goods or services that are not necessary but that we desire
Goods or services that are required.
22
Point X, outside of the Production Possibilities Curve (PPC) represents
Inefficient
Efficient
Competition
Impossible given current resources
23
What is the Production Possibilities Curve?
A limited amount of goods and services
Goods and services
All the goods and services we can produce
Only some of the goods and services we can produce
24
What are the four factors of production?
labor, resources, capital, entrepreneurship
free enterprise, command economy, socialist economy, mixed economy
laissez-faire, bourgeoise, proletariat, invisible hand
producers, consumers, distributors, entrepreneurs
25
What are the 3 BASIC economic questions all societies must answer?
How much to produce, how much to sell, and how to produce
What to produce, where to produce, and who to produce
What to produce, how to produce, and for whom to produce?
When to produce, for whom to produce, and what we produce
26
What is scarcity?
the abundance of resources
giving away items for free
the lack of resources
an example of a good
27
What are examples of economic needs?
toys, jewelry, video games, TV
cutting hair, fixing car, putting out fires
fruit, games, clothes, candy
food, water, shelter, air
28
Why do we have to make economic decisions?
There is an infinite amount of resources available
We demand a high standard of living
This is due to the existence of opportunity cost
There are not enough resources to meet our needs and wants
29
What would be considered a good?
Cars
Beds
All of the above
Televisions
30
The existence of scarcity implies that...
Choices have to be made
It is hard to create resources
Resources should not be wasted
There is a cost to everything
31
What are some examples of a service?
doctors who treat illness
All of the above
bands that perform
stylist who cuts hair
32
What type of graph is this above?
RDM
LMNOP/PONML
ACDC/DCAC
PPC/PPF

Unit 1 Economics Review Flashcards | StudBud