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Unit 1 Economics Quiz Flashcards | StudBud
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Unit 1 Economics Quiz
Unit 1 Economics Quiz
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Questions
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Answers
1
A PPC that is bowed outward(concave) from the origin indicates...
increasing opportunity costs
constant opportunity costs
decreasing opportunity costs
that if I choose this answer I was asleep/absent the day we covered this.
2
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts a day. Abs. adv bolts?
Hank
Tom
3
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts per day. Comparative adv. nuts?
Hank
Tom
4
Opportunity cost is..
the value of what you gain when you choose to do something
the value of the best choice.
the value of the next best alternative.
the value of the worst alternative.
5
A point inside a production possibilites curve indicates...
that a country is efficient
that a country is inefficient
that a country is hyperefficient
6
In a mixed economy the what and for whom questions are answered by...
The government
The consumer
the government and the consumer
7
An example of capital could be all of the following
except
...
A truck
A hammer
Money
A computer
8
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts a day. Abs. adv nuts?
Hank
Tom
9
What 2 conditions about our world make it necessary to study economics?
limited resources and limited wants and needs
unlimited resources and unlimited wants and needs
The TEA and the State of Texas require it.
limited resources and unlimited wants and needs
10
The return to, or price for entrepreneurship is ...
Interest
Wages
Rent
Profit
11
What can make a production possibilities curve shift outward?
More efficient use of land and labor
Less regulation by the government.
A more optimistic population
Improvement of technology or discovery of resources.
12
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts a day. Comp adv bolts?
Hank
Tom
13
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts a day. Tom's Opp. cost for bolts?
2/5 of a bolt
4 nuts
2.5 nuts
1/4 of a bolt
14
In a market economy the what and for whom question are answered by...
The consumer and the government
The government
The consumer
15
Tom 50 nuts or 20 bolts a day, Hank 40 nuts or 10 bolts a day. Tom's Opp. cost for nuts?
4 nuts
2/5 of a bolt
2.5 nuts
1/4 of a bolt
16
Tom 50 nuts or 20 bolts per day, Hank 40 nuts or 10 bolts per day. Input/Output?
input
output
17
The factors of production are...
Rent, Interest, Profit, Wages
Land, Labor, Capital, Entrepreneurship
Labor, Human, Capital, Entrepreneurship
Land, Natural, Human, Capital
18
A point outside a country's production possibilities curve indicates...
is possible but not preferable.
that a country is being inefficient
is impossible.
that a country is being hyperefficient
19
A PPC that is bowed inward or convex to the origin indicates...
decreasing opportunity costs
increasing opportunity costs
constant opportunity costs
20
If a country is operating at a point along its production possibilities curve...
it can produce more of one thing but less of another
it is being over-efficient
it is being inefficient
it can produce more of everything.
21
A PPC that is linear or a straight line indicates...
constant opportunity costs
increasing opportunity costs
decreasing opportunity costs
that I should choose the answer that I hadnt for the other two questions.
22
In a command economy, the what and for whom questions are answered by...
The government and the consumer
the consumer
the government
23
The return to or price paid for capital is...
Wages
Interest
Profit
Rent
24
The return or price paid for natural resources is...
Profit
Wages
Interest
Rent
