stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics QUIZ 1 Review Flashcards | StudBud
Explore
/
Economics QUIZ 1 Review
Economics QUIZ 1 Review
14 terms
·
StudBud Administration
·
487 plays
A review to go over concepts before our first quiz!
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
Which of the following is NOT a factor of production/productive resource?
Land/Natural Resources
Scarcity
Labor
Capital
2
True or False: Marginal cost measures the advantage of doing an additional unit of an action.
False
True
3
The method of allocation where a person in power decides who receives the goods available...
Authority
Competition
Personal Characteristics
Lottery
4
The image below is an example of which factor of production?
Entrepreneurship
Natural resource
Labor
Capital good
5
Which of the following would NOT be considered a want?
A Hoverboard
A laptop
An iPhone 6S+
An apartment
6
The method of allocation in which people receive goods because of some quality they possess...
First-come, first-served
Authority
Personal Characteristics
Competition
7
Imagine you purchase a new pair of shoes for $80. What is an opportunity cost of your decision?
The time you spent deciding how to spend your money
$80 in cash
The time spent making the purchase
A pair of jeans you could have purchased instead
8
A process in which a laborer only performs one step in a larger production process is called...
Division of Labor
Specialization
Efficiency
Opportunity cost
9
What is economic interdependence?
People’s reliance on each other to provide goods/services
The ability to produce all goods and services
The result of division of labor
The relationship between the four factors of production
10
What is the fundamental problem of economics that every nation faces?
Scarcity
Factors of Production
Labor
Capital
11
The method of allocation where the product is distributed to the winner of a competition.
First-come, first-served
Majority rule
Authority
Contest
12
Specialization refers to...
Arranging work so that individual workers do fewer tasks
The process of creating goods and services
Focusing on one task in order to increase efficiency
The use of the four factors of production
13
T or F: When making a rational decision, marginal benefit should be greater than marginal cost.
False
True
14
Which one of the following is NOT one of the three economic questions?
How to produce
What to produce
When to produce
For whom to produce
