Productivity refers to

producing goods and services in better and faster ways.

An investment in education can lead to

an increase in the standard of living

An opportunity cost is

the value of the next best alternative not chosen

Public services can be used by

anyone who needs to use the service

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Economics (Unit 1)

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Questions 15

Answers

1
Productivity refers to
creating goods and services out of the factors of production
the opportunity cost of making another product
producing goods and services in better and faster ways.
the scarcity of the item being produced
2
An advantage of a market economy over a command economy is
more security
more freedom
more equity
less efficiency
3
An investment in education can lead to
always maintaining a standard of living
an increase in the standard of living
no change in the standard of living
a lower standard of living
4
If the PPC shifts right
economic growth
less opportunity costs
no change
more opportunity costs
5
An opportunity cost is
choosing on thing of value over another
the value of the next best alternative not chosen
all of the above
the same as a trade off
6
Stopping companies from merging and creating monopolies is which function of the government?
redistribution of income
resolving market failure
protecting property rights
public goods and services
7
If an economy produces a combination of goods that lies on the PPC
they are all unattainable b/c they cannot be on the line
they are all inefficient points b/c of issues with resources
they are all efficient points
they are always representing a constant opportunity cost
8
In a command economy resource allocation is manage by
labor unions
central planning
collective bargaining
large corporations
9
Which of the following is NOT a public good?
street lights
bank
firefighters
army
10
The study of how businesses, nations, and individuals can best allocate their limited resources
opportunity cost
economics
role of the government
scarcity
11
What is the fundamental economic problem?
trade offs
opportunity cost
scarcity
ppc
12
Public services can be used by
citizens only
taxpayers only
anyone who needs to use the service
anyone who pays for the service
13
Which of the following makes an economy more efficent
government owned resources
income redistrubution
regulations
specialization
14
Technology is which factor of production
land
entrepreneurship
capital
labor
15
Refer to the PPC - Point ___ represents an ___ point
d, inefficent
e, inefficient
d, unattainable
e, attainable

Economics (Unit 1) Flashcards | StudBud