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Economics Resources and PPC - Unit 2 Exam Flashcards | StudBud
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Economics Resources and PPC - Unit 2 Exam
To show economic growth, the PPC shifts to the
Getting a haircut and your nails done
Economics Resources and PPC - Unit 2 Exam
40 terms
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#economics
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40 cards
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Questions
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Answers
1
Getting a haircut and your nails done
good
service
2
To show economic growth, the PPC shifts to the
south
inward
right
left
3
If you would like to achieve economic growth, you could _____ resources
increase
limit
decrease
do away with
4
Increasing resources is one way to achieve economic growth
true
false
5
The State of Hawaii cuts taxes for it's residents
in between
macro
micro
who knows
6
Labor =
natural resources
entrepreneurs
people who work for wages
technology, machines
7
Where would no production fall on the PPC?
all the way at the top of the y axis
near the 10 and the 6
all the way to the right on the x axis
at the point of origin or 0, 0
8
Trees, water, the sun, animals are all examples of
capital
labor
risk takers
land
9
Which of the following is an example of labor?
a gas pump
the owner of the gas station
service station attendant
petroleum
10
A factory, tools, computer, projector are all examples of
labor
capital
entrepreneurship
land
11
Economics is the study of _____ resources and _____ wants
the U.S., excessive
limited, unlimited
unlimited, limited
many countries, too many
12
A new computer for college is a
service
good
13
An entrepreneur is someone who
learns a trade as an apprentice
helps someone else at their job
starts their own business
graduates from college with a degree in business
14
No loans, poor trade relations, inefficient labor force prevents countries from shifting PPC to
the left
to the south
to the west
the right
15
If I start a new business, introduce product, manage, I am a
corporation
entrepreneur
natural resource
stock market
16
In the United States, there are 10 different spending sectors
False, there are 3
False, there are 5
True
False, there are 4
17
Any point outside of the PPC is considered attainable
Maybe
Sometimes
False
True
18
Which of the following is not a way of achieving economic growth?
improving technology
educating and training the labor force
increasing prices
increasing resources
19
A country's resources and the ability to produce goods and services from them defines...
opportunity cost
PPC
entrepreneurship
wealth
20
If a point on the PPC is attainable it should be...
on the line or inside
outside of the lines
21
The PPC shows how much profit a company can make with two different goods/services
of course
true
false
it is possible on some
22
Because of scarcity, people need to make
choices
charitable donations to help others
their beds in the morning
more money to buy more things
23
Union Bank stops all free checking accounts and charges $10 a month
macro
micro
24
Households, government and businesses are the
3 spending sectors of the U.S. economy
5 spending sectors of the U.S. economy
2 spending sectors of the U.S. economy
4 spending sectors of the U.S. economy
25
What to produce, how to produce and for whom to produce are the...
3 macroeconomic goals
3 basic economic questions
3 amigos
3 questions about how to run the government
26
In the U.S. who determines the answer to the question "What to produce?"
private businesses/companies
the government
public education
27
The next best alternative that you have given up is called
labor
productivity
opportunity cost
factor of production
28
A PPC assumes that ______ resources are being used
all
the majority of
only some
just a few
29
Economic growth is best defined as
increased tax revenue
higher profit
increased jobs
increased production
30
Which of the following is not one of the 3 spending sectors?
My dog Delilah
Businesses
The Government
Households
31
An inefficient point on the PPC would fall
inside of the graph
on any line of the graph
outside of the graph
on the next page
32
Paying an attorney for a divorce
good
service
33
The x axis runs _____ while the y axis run _____
they are both diagonal
horizontally, vertically
vertically, horizontally
34
The factors of production include...
land, labor, capital, entrepreneurship
all products produced in our economy
technology, products, entrepreneurship
goods and services
35
The whole U.S. economy
micro
macro
36
It represents the max combination of two outputs that can be produced with available resources
Supply and Demand Curves
Philips Curve
Laffer Curve
PPC
37
A company's office buildings are an example of
capital
labor
land
entrepreneurship
38
The PPC demonstrates the inverse relationship between inflation and unemployment
Sometimes
True
Absolutely
False
39
A point on the PPC means
extra taxes to consumers
inefficiency
efficiency
40
A textbook is a _______, while being taught something is a _____
good, service
service, good
