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Chapter 1 Review Flashcards | StudBud
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Chapter 1 Review
Chapter 1 Review
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Chapter 1 Review Quiz
Flashcards
9 cards
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Practice quiz
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Questions
9
Answers
1
______ is the value of the next best alternative that must be given up to obtain somethingelse.
Opportunity cost
Actual output
Ceteris paribus
Sustainability
2
The English translation of the Latin phrase Ceteris Paribusis
Act now, supplies are limited
Necessity is the mother of invention
All other things being equal
Hannibal is at the gates
3
In order for a nation to be producing on its Production Possibilities Curve,
All production must be allocatively efficient
The nation must be growing.
All resources must be fully employed
It must have low levels of unemployment.
4
Which is
not
one of the basic economic questions that must be answered by any economic system?
What to produce?
For whom to produce?
Why to produce?
How to produce?
5
A nation’s PPC will shift outwards if
The quantity and/or quality of capital increases
The quantity and/or quality of labour increases
The quantity and/or quality of land increases
all of the above
6
Specialization of factors of production results in
a straight line PPC
a zigzagged PPC
a convex PPC
a concave PPC
7
_________ is the situation in which available resources are finite, whereas wants are infinite.
Efficiency
Opportunity Cost
Scarcity
Productivity
8
A movement along a nation’s PPC represents
A change in the quantity of the factors ofproduction
A change in the quality of the factors ofproduction
Opportunity cost
A change in the quantity and/or quality of the FoPs
9
The four factors of production are
Land, Labour, Capital & Productivity
Labour, Capital, Productivity & Efficiency
Land, Labour, Capital & Entrepreneurship
Physical Capital, Human Capital, Natural Capital & Resources
