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

Duplicate of Economics Ch. 1 Review Flashcards | StudBud