What does a point inside the curve of a PPC indicate?

not all resources are fully employed

Into what four categories do economists divide factors of production?

land, labor, capital, and entrepreneurship

What is another name for the production possibilities curve?

production possibilities frontier

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Economics Ch. 1 Review

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Economics basics covering #scarcity, #productionpossibilitycurves and #economicmodels from Ch. 1 of Holt McDougal Economics: Concepts and Choices.

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Questions 20

Answers

1
Which of the following is using resources to produce the maximum amount of goods & services?
overefficiancy
efficiency
underutilization
utilization
2
What does a point inside the curve of a PPC indicate?
less resources are equired
not all resources are fully employed
more resources are required
all resources are fully employed
3
Which of the following shows the production of 4,000 TVs and 3,000 trucks?
point 2
point 4
point 3
point 6
4
Which is especially useful for comparing data?
bar graph
circle graph
pie graph
line graph
5
Into what four categories do economists divide factors of production?
land, labor, money, and entrepreneurship
land, labor, capital, and entrepreneurship
resources, labor, money, and entrepreneurship
resources, labor, capital, and entrepreneurship
6
How many trucks are being produced at point 3?
3000
4000
1000
2000
7
Which is not considered a need?
television
shelter
food
clothing
8
Who wrote The Wealth of Nations?
Karl Marx
Alexander Hamilton
Thomas Malthus
Adam Smith
9
What is another name for the production possibilities curve?
production possibilities border
production possibilities edge
production possibilities perimeter
production possibilities frontier
10
Which of following shows underutilization?
point 4
point 6
point 7
point 1
11
What does the saying "There is no such thing as a free lunch" mean?
most things cost nothing
some things cost nothing
most things cost something
everything costs something
12
Which of the following explains economics as it should be?
positive economics
normative economics
macroeconomics
microeconomics
13
To be a successful entrepreneur requires a willingness to
play it safe
limit risks
take risks
borrow money
14
Which of the following buys goods for personal use?
advocate
client
producer
consumer
15
Which of the following would macroeconomics study?
a decline in coffee prices
a general rise in prices
the work habits of students
the success rate of sandwich shops
16
Which of the following represents production that is impossible to attain?
point 2
point 7
point 4
point 6
17
How many TVs are being produced at point 2?
7000
9000
5000
3000
18
Which of the following explains economics as it is, not as it should be?
normative economics
microeconomics
macroeconomics
positive economics
19
Which of the following best describes wants?
unlimited and ever changing
unlimited and never changes
limited and ever changing
limited and never changes
20
Which of the following examines the costs and expected benefits of a choice?
cost-benefit analysis
choice-benefit analysis
choice-profit analysis
cost-profit analysis

Economics Ch. 1 Review Flashcards | StudBud