Which isn't a factor of production?

the amount of money to buy a house

Economics is the study of how

choose from scarce resources to meet their needs

Which of the following is a disadvantage of a market economy?

growing gap between rich and poor

Which statement is true?

It is impossible to produce at point X

You live in North Korea, what is a disadvantage of the economy?

Your needs and wants aren't going to be met

When you are thinking at the margin, what are you actually doing?

looking at several options and applying one additional resource

What would cause the PPC to shift to the left?

a plague that kills many workers

What exactly are factors of production?

land, labor, capital and entrepreneurship

Circle Flow Model - Mixed Economy its shows what?

how the government interacts with the individuals, firms and markets

Why do government provide services like education?

so that all people can have them available

Vietnam is moving from command to mixed economy. What is a good thing about this?

more variety of goods and services

Alpacastan provides education to all its citizens. Why?

so that everyone can get certain services

Why do business and individuals have to make choices about the best way to use resources?

There is a scarcity of resources

You are sitting in economics class contemplating capital, what are you thinking about?

the building you work in at Happy Dairy Ice Cream Bar

The PPC, what is its purpose?

show how to use resources efficiently

Dinotopia builds three more coal fired power plants. Which statement is true?

The PPC will shift to the right

You live in a mixed economy - what do you notice?

You get services from both the public and private sector

The law of increasing opportunity causes

The PPC to be drawin in a bowed-out curve

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Fundamentals of Economics

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Unit 1 Revew

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Questions 29

Answers

1
Which isn't a factor of production?
the amount of money to buy a house
the teacher required to teach you
training a person to program computers
a beehive that produces honey
2
Economics is the study of how
choose from scarce resources to meet their needs
deal with war
study and gain knowledge from experience
calculate their personal taxes
3
Which of the following is not a want?
Trip to Disney World
A Yacht with its own yacht
Water
1964 Ford Mustang
4
Which of the following is a disadvantage of a market economy?
individual freedom
many choices of goods
right to private property
growing gap between rich and poor
5
On your recent trip to Alpacastan a tour guide shows you around a country. What did this guide provide?
a goal
a service
a trade
a good
6
Which statement is true?
producing at A is more efficient that producing at B
It is impossible to produce at point X
Producing at B is more efficient than producing at D
It is not possible to produce at A
7
Which isn't at basic economic question that must be answered?
For Whom to we produce in for?
How do we produce it?
What should we produce?
Where do we produce it?
8
You live in North Korea, what is a disadvantage of the economy?
The military is really super weak
Your needs and wants aren't going to be met
You have so many choices you don't know what to do
The government has no control over th economy
9
The dude in the picture risked everything to open a business raising Alpacas. What factor of production is this dude?
land
entrepreneurship
labor
capital
10
Who has the absolute advantage producing cars?
USA
Alpacastan
Japan
Autotopia
11
When you are thinking at the margin, what are you actually doing?
looking at a couple of options and trade-offs before making a decision
choosing one and not looking at other options
eliminating all options
looking at several options and applying one additional resource
12
What would cause the PPC to shift to the left?
a plague that kills many workers
high unemployment
more education spending
new technology
13
What exactly are factors of production?
utilizing natural resources
skills of Bob the Builder
human-made goods to be sold
land, labor, capital and entrepreneurship
14
Circle Flow Model - Mixed Economy its shows what?
the flow of goods between individuals and firms in the factor market
only businesses and indiviuals interact
taxes and profits are related
how the government interacts with the individuals, firms and markets
15
In Alpacastan there is a command economy, who answers the economic questions?
central government and industry
consumers
private firms
The central government only
16
In Alpacastan the government and the private sector provide services. What type of economy is in Alpacastan?
Command
Mixed
Capitalistic
Free Market
17
What sector of the economy is this person working in?
secondary
quaternary
primary
tertiary
18
Why do government provide services like education?
because only command economies work properly for people's needs
so that all people can have them available
because it doesn't really matter
so everyone can become a producer
19
Vietnam is moving from command to mixed economy. What is a good thing about this?
more public services
less consumption
more variety of goods and services
more equality between people
20
Alpacastan provides education to all its citizens. Why?
so everyone can become a producer
so that everyone can get certain services
to increase taxes
because all wants are fulfilled in a command economy
21
Why do business and individuals have to make choices about the best way to use resources?
They have many needs to less wants
They have more wants than needs
There is a scarcity of resources
There is a shortage of resources
22
You are sitting in economics class contemplating capital, what are you thinking about?
the money you borrowed to pay your phone bill
your stocks and shares in Disney
the amount of money you have saved in your piggy bank
the building you work in at Happy Dairy Ice Cream Bar
23
The PPC, what is its purpose?
examines the number of a single crop to produce
show how to use resources efficiently
explain the best way to build farms
show the benefits of moving workers into different posistion
24
Dinotopia builds three more coal fired power plants. Which statement is true?
There would not be a change in the PPC
The PPC becomes straight
The PPC will shift to the left
The PPC will shift to the right
25
The Pride Lands have a market economy. What is a characteristic?
Lots of competition
Prices set by Mufasa and the government
The Lions own everything, no other animals own anything
There are no business rights
26
When you make a decision by adding one additional unit of a resource, you are...
thinking at the margin
studying economics
using capital to decide
using factors of production
27
You live in a mixed economy - what do you notice?
You get services from both the public and private sector
Individual have no choices
The government owns all the factors of production
The private sector controls all economic activity
28
The law of increasing opportunity causes
Countries to decide whether free trade is worth it
The PPC to be drawin in a bowed-out curve
Companies must utilize all resources
The PPC to be straight
29
A company decides to use giant robots and replace workers. Which economic question is being answered?
How to produce?
Where to produce?
What to produce?
For whom to produce

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