Human capital includes ____.

a taxi driver's knowledge of city streets

What are the three economic questions that should be answered in any economic system?

What should be produced, how should it be produced, who will buy it?

Which of the following makes someone an entrepreneur?

inventing and selling the rights to manufacture a game

What is the opportunity cost of a decision?

the most desirable alternative given up for the decision

What can a decision-making grid or a personal planner do?

help determine some of the opportunity costs of a decision

A company that makes baseball caps is underutilizing its resources. What does this mean?

it's making fewer caps than it could be

You buy two albums with your last $30. Pay day is a week away. What is the sacrifice or the opportunity cost?

dinner and movie with friends this weekend

An example of a shortage is limited amounts of ____.

food available because workers are on strike

The lack of _____ represents a scarcity.

enough workers to finish jobs because of limited number of workers

What can cause a production to become cheaper to make?

A new invention lowers the cost of production

An efficient economy is one that _____.

uses its resources to make the most goods and services

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Duplicate of Ch. 1 Review - Economics Principles in Action

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Review game for Ch. 1 Test #rewa #economics #opportunitycost #scarcity #portage

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Questions 30

Answers

1
What is a factory building an example of?
an economic trade-off
technology
physical capital
human capital
2
The government of a country must decide between military and farm spending. Kind of decision is this?
guns or butter issue
global trade-off
basic economic decision
decision on the margin
3
Actions of activities that one person performs for another
Goods
Labor
Services
Factors of Production
4
Ambitious leader who combines land, labor, and capital to create and market new goods/services
Economist
Entrepreneur
Mr Harding
President
5
Human capital includes ____.
the equipment used by a doctor to cure a patient
the salary paid to an accountant
the machinery used to weave cloth
a taxi driver's knowledge of city streets
6
What are the three economic questions that should be answered in any economic system?
What should I buy, What should I steal, What should I build?
What should be traded, what should be bought, what should be manufactured?
What should be built, what should be grown, what should be bought?
What should be produced, how should it be produced, who will buy it?
7
Any resources that are made by humans to create other goods and services are called ____.
capital
services
labor
production
8
Which of the following makes someone an entrepreneur?
earning a lot of money as a computer programmer
running a service that hires people to install speakers
becoming a highly paid musician
inventing and selling the rights to manufacture a game
9
Name three different economies that exist in the world today?
Market, Traditional, Command
The dollar, the pound, the yen
Mixed, Monarchy, Totalitarianism
Democracy, Authoritarianism, Communism
10
An item that we desire but that is not essential to survival
Want
Air
Need
Food
11
Why are all goods and services scarce?
some things are needs and others are wants
some people want to have more goods than others
Some goods cost more than others
All resources are scarce
12
Temporary lack of one or more goods
Back-ordered
Scarcity
Underutilization
Shortage
13
What is the opportunity cost of a decision?
best possible way the question could've decided
the series of alternative decisions that could've been made
the different ways that a person might have made the choice
the most desirable alternative given up for the decision
14
What can a decision-making grid or a personal planner do?
show you every possible consequence of your decision
show you every possible benefit of your decision
help determine some of the opportunity costs of a decision
tell you the right course of action
15
The basic economic condition of all goods and services
Scarcity
Shortage
Efficiency
Economics
16
Physical objects that can be exchanged
Sandwiches
Goods
Services
Factors of Production
17
The most attractive alternative that is given up when an economic decision is reached
Sleep
Opportunity cost
Efficiency
Trade-off
18
The resources used to make all goods and services are the ___.
factors of production
production trade-offs
opportunity costs
production possibilities
19
A company that makes baseball caps is underutilizing its resources. What does this mean?
it's paying its employees less than it should be
It's running more efficiently than its competitors
It is making caps when it could make shirts instead
it's making fewer caps than it could be
20
You buy two albums with your last $30. Pay day is a week away. What is the sacrifice or the opportunity cost?
difference between album cost and what you paid
knowing you are the first of your friends to have the albums
dinner and movie with friends this weekend
$30
21
An example of a shortage is limited amounts of ____.
labor available because workers have other jobs
food available because workers are on strike
water for irrigating a crop because it's used for others
food available because few people want it
22
Limited quantities of resources to meet unlimited needs or desires
scarcity
shortage
opportunity cost
trade-off
23
The lack of _____ represents a scarcity.
orange juice because the truckers are on strike
enough workers to work at night because the pay is too low
grapefruit juice because few people want to buy it
enough workers to finish jobs because of limited number of workers
24
What can cause a production to become cheaper to make?
A new invention lowers the cost of production
Thousands of people move out of the country
An epidemic kills thousands of young men and women
The population is growing increasingly old
25
All the possible alternatives that are rejected when a choice is made
Sleep
Production Cost
Trade-offs
Opportunity Cost
26
Greatest output of goods and services through the best use of resources
Human Capital
Efficiency
Entrepreneurship
Underutilization
27
Something you can't live without.
Pizza
Want
Netflix
Need
28
The study of how people seek to satisfy their needs and wants by making choices
Sociology
Political Science
Anthropology
Economics
29
A country's production possibilities increase because workers become more skilled with computers
growth caused by technology
growth caused by physical capital
growth caused by production opportunity
growth caused by global resources
30
An efficient economy is one that _____.
makes the least costly use of its resources
uses its resources to make the most goods and services
makes the best use of all its goods and services
has very few people who do not work for a living

Duplicate of Ch. 1 Review - Economics Principles in Action Flashcards | StudBud