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SSEF1 and SSEF2 Flashcards | StudBud
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SSEF1 and SSEF2
SSEF1 and SSEF2
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StudBud Administration
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Fundamentals of Economics, Part I
Flashcards
14 cards
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Practice quiz
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Host live
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Questions
14
Answers
1
Which of the following is NOT one of the four factors of production
Payment
Land
Capital
Labor
2
How would you describe the opportunity cost for computers?
Decreasing
Constant
Increasing
3
Zack has $10 to buy a $7 sandwich or $5 smoothie. He chooses the smoothie. Opportunity cost?
The smoothie
$3
The sandwich
$5
4
An economic reason for why a doctor earns more money than a factory worker is that
A doctor is more productive
Economic security is more important than economic growth
A doctor's skill set is more scarce
Factory work is less time-consuming
5
How would you describe the opportunity cost for pizzas?
Decreasing
Increasing
Constant
6
Why does scarcity exit?
Because resources are limited and human wants are not
Because resources are controlled by the government
Because there is always poverty in the world
Because resources are limited and so are human wants
7
Which of the following does NOT describe the concept of opportunity cost?
The most important thing you give up
The money you lose when you buy one thing over another
What you miss out on when you make a trade-off
The next-best alternative
8
What type of opportunity cost does the PPC indicate?
Constant
Increasing
Decreasing
9
How would you describe a point outside the PPC?
Unattainable/Not Possible
Efficient
Inefficient
10
What is the opportunity cost in the following example?
Basketball
Fishing
Sleep
Swimming
11
Which of the following is NOT an example of land?
Iron ore
Natural gas
A large truck
Air
12
What type of opportunity cost does the PPC indicate?
Decreasing
Increasing
Constant
13
How would you describe a point on the PPC?
Efficient
Inefficient
Unattainable
14
Which of the following is an example of entrepreneurship?
Earning a wage in return for working at a restaurant
Putting together parts of a car in a factory
Developing and marketing a new smartphone app
Mining for precious metals
