Economcis SSEF1 Test Review Part 3 2018**

Question 1

A company produces 2 products. All of the points represent possible product output EXCEPT

Accepted Answer

point d

Question 2

The benefit profit or value of something that must be given up to acquire something else

Accepted Answer

Opportunity Cost

Question 3

Which example of productive resources is matched correctly?

Accepted Answer

capital and oil rig

Question 4

A risk taker who combines the factors of production to produce new goods and/or services

Accepted Answer

Entrepreneur

Question 5

What is an implicit opportunity cost of attending technical school?

Accepted Answer

the wages that you could be earning at a job

Question 6

Something that motivates an individual to perform an action

Accepted Answer

Incentive, Positive Incentive, Negative Incentive

Question 7

Which point represents inefficient production?

Accepted Answer

Point Y

Question 8

Which of these terms is the BEST synonym for the word "entrepreneur"?

Accepted Answer

"business owner"

Question 9

When the PPF Curve shifts to left, what is happening in the economy?

Accepted Answer

Economic Shrinkage

Question 10

4 Factors of Production

Accepted Answer

Land, Labor, Capital, Entrepreneurship

Question 11

Economic condition with unlimited wants and limited resources

Accepted Answer

Scarcity

Question 12

machinery & production equipment used for factories and other manufacturing facilities

Accepted Answer

Capital

Question 13

The skills, knowledge, & experience possessed by an individual or populati

Accepted Answer

Human Capital

Question 14

Deciding to pay for a piano lesson instead of going to a movie describes which econ principle?

Accepted Answer

opportunity cost

Question 15

What curve is depicted in the picture?

Accepted Answer

Production Possibilities Frontier, Production Possibilities Cuve

Questions 15