Unit 1 Econ

On the graph above, shifting production from 10 lbs. of cheese to 20 lbs. of cheese means an opportunity cost of

Marta will work on desktop computers, while Shanika will repair laptops. Marta and Shanika’s arrangement is a example of

Copyrights, trademarks, and patents are all ways governments try to serve which role?

Marginal benefit refers to

With which term is a command economic system most closely associated?

When going from point A to point B on the graph, Sarah’s opportunity cost is that

If consumers want an item, producers will make more of this item. This is referred to as _____________.

Why is specialization in production economically beneficial?

The motivations of entrepreneurs include all of the following EXCEPT

Competition and free enterprise are most common in which type of economic system?

Societies are faced with which three basic questions about production of goods?

The increase in production from B1 to B2 can be attributed to

An economic system in which basic economic activity stems from ritual, habit, or custom

Which type of economy is likely to experience high amounts of gov't regulation and low amounts or private ownership?

In the production of chocolate chip cookies, which represents the factor of capital?

What is an opportunity cost?

You should decide to go to a movie:

Economic growth's often tied to investment in machinery, new technology, and education of the population. This is cause

Reducing laws and rules businesses have to follow is an example of

Which describes scarcity?

Which of the following tends to make economies more efficient?

When two people engage in trade, both sides will benefit if the trade meets which two requirements?

Galen decides to use a large percentage of the profits to purchase new, updated equipment. Galen has made what?

Economic growth is often tied to investment in machinery, new technology, and education of the population. This is cause

What are gov'ts attempting when they increase unemployment benefits, enact welfare programs, and rearrange tax benfits

If two people expect to gain something from a trade, then they will most likely

Which headline would MOST LIKELY be found in a country that will experience future economic growth?

You like a CD and a DVD. You have only enough money to buy one. You decide to buy the CD. What is the opportunity cost?

The physical capital used by a woodworker to make furniture would include?

Which of the following statements is NOT TRUE about economic systems?

Which provides the greatest incentive for entrepreneurs to take risks?

In a market economy, the three basic economic questions are addressed by

What is the term for the amount of outputin relation to a given amount of resourcesused in production?

Mary hires 3 employees. 2 will maintain the apple orchard and bottle the juice, 1 will market. What factor does she rep.

What is the relationship between investing in human capital (education, job training) and a nation's standard of living?

Which of the following is the BEST example for how the U.S. government would correct a market failure?

What BEST explains the shift of the production possibilities curve?

In Suzy's gallery, people pay to look at local paintings and the painter sells them. What capital does she need?

In the graph above, point C represents

Which BEST explains point Y?

You see a secretary typing a letter, a person fixing a desk, and an executive presenting. This is scene is MOST related

Central planners make all economic decisions.Individual consumers have little say. Little or no competition.

A state government builds a highway. This is an example of government fulfilling what role?

An assembly line can increase a factory’s productivity because it allows workers to

Rational actors in the economy will only select a choice if the

“Dell to shift production to more laptop computers.”This headline BEST answers which economic question?

You go to McEntyre's Bakery to get your favorite donut they're out! How would you describe this

In moving from possibility C to D, the cost of a unit of steel in terms of a unit of wheat is...

Specialization in production is economically beneficial primarily because it

Which of the following is NOT a scarce productive resource?

_____ determines the goods/services an economy produces cause businesses will only produce those products consumers buy

In a _________________ economy, individuals and firms own all the factors of production.

Which of the following would discourage an act or serve as a negative incentive?

What is the primary purpose of job specialization?

Ms. Johnson is opening a new art gallery. Which is a human resource that Ms. Johnson could use for her art gallery?

A cost due to an increase in activity is called

People offer their time to production and their physical abilities, knowledge, and skills. These abilities are called

If one has no money, one gets no banana. This is an example of:

Most economists believe economic growth happens through increased investment in all of the following EXCEPT

When an economist talks of scarcity, the economist is referring to the

Economic growth is most closelyassociated with an increased investment inwhich of the following?

The market system’s answer to the fundamental question “Who will get the goods and services?” is most often