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Unit 1 Quiz Review Flashcards | StudBud

Explore/Unit 1 Quiz Review

Unit 1 Quiz Review

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Questions 10

Answers

1
A point on a production possibilities frontier represents
a point at which an economy is using all resources most productively
a point at which a nation is only producing only one good or service
a point of economic growth
a point at which the economy is underutilizing
2
In a possibilities production curve, what does underutilization mean?
Idk
Any point that is ON the curve
Any point that is OVER the curve
Any point that is UNDER the curve
3
What is true about scarcity in economics? (the lack of resources)
Scarce goods lead to lower prices
Scarcity of resources can be eliminated by a good economy
Scarcity only exists in really poor countries
Scarcity affects all societies
4
Which of the following is NOT an example of factors of production in the graphic?
financial resources
people who do the work (labor)
natural resources
acquired knowledge and skills (human capital)
5
Which is best described as a system in which habit, custom, or ritual decides the economic decisions?
mixed economy
traditional economy
market economy
command economy
6
What is the first thing an entrepreneur does when starting a new venture?
identify an unmet want
find the necessary land resources
compare prices of competing goods and services
borrow money
7
To save money, Taylor decided to not to a restaurant with her friends. What was the opportunity cost of that decision?
spending time at home
having fun at the restaurant
having extra money
having time to study
8
The clothing in the photograph is best described as
A need
Entrepreneur
Capital good
A want
9
What does opportunity cost mean?
What you lose when you make a decision
What you gain when you make a decision
10
Water, land, and oil are all examples of which factor of production
physical capital
entrepreneur
labor
land