Review - Scarcity through Economic Systems

Question 1

What are the most wheats you can get?

Accepted Answer

100

Question 2

1. work (what you did) 2. homework 3. sing 4. watch a movie What is the O.C. of working?

Accepted Answer

homework

Question 3

How many wheat can I get if I make 20 steel?

Accepted Answer

90 wheat

Question 4

Human wants are ____ while resources are ___.

Accepted Answer

unlimited / scarce

Question 5

What is the opportunity cost of increasing wheat from 25 to 45?

Accepted Answer

10 steel

Question 6

Which of the following is not a Factor of Production?

Accepted Answer

Money

Question 7

What determines the placement of the frontier line?

Accepted Answer

Using all of your Factors of Production

Question 8

What is the opportunity cost of increasing steel from 20 to 75?

Accepted Answer

15 wheat

Question 9

What is the opportunity cost of making 45 wheat?

Accepted Answer

20 steel

Question 10

What does scarcity mean?

Accepted Answer

to have a limited amount

Question 11

How many steels can I get if I make 45 wheat?

Accepted Answer

80 steel

Question 12

In order to reach point B in the future, you need more...

Accepted Answer

Factors of Production

Question 13

What term is used for the most important thing you give up when you make a decision?

Accepted Answer

opportunity cost

Question 14

Which of the following is NOT one of the major economic systems?

Accepted Answer

Socialism

Question 15

Which point represents using all of your Factors of Production

Accepted Answer

A

Question 16

Which two of the following are capital items?

Accepted Answer

A truck, A hammer

Question 17

What name is given to the "tool" used to help a country decide how to use their resources?

Accepted Answer

economic system

Question 18

What is the opportunity cost of increasing steel from 0 to 100?

Accepted Answer

100 wheat

Question 19

Scarcity will force you to...

Accepted Answer

make a decision

Question 20

Which point is currently not possible?

Accepted Answer

B

Question 21

What is the opportunity cost of making 90 steel?

Accepted Answer

75 wheat

Question 22

Which point represents inefficient use of your Factors of Production?

Accepted Answer

C

Questions 22