ECON 2010 Quiz 01 review

Question 1

Opportunity cost is the _____ valued alternative given up to get something else

Accepted Answer

Highest

Question 2

Choices that promote the best of society are said to be self interest

Accepted Answer

False

Question 3

________ encourages an action

Accepted Answer

incentive

Question 4

The gift of natural resources is called as land

Accepted Answer

True

Question 5

Only some points on the PPF involve a tradeoff

Accepted Answer

False

Question 6

Which factor of production carries the most risk?

Accepted Answer

Entrepreneurship

Question 7

A point in the PPF is said to be inefficient if resources are

Accepted Answer

Both of the above

Question 8

Marginal cost is the opportunity cost of producing:

Accepted Answer

One more unit of a good

Question 9

Only physical work time and effort is used to produce goods and services

Accepted Answer

False

Question 10

A person has a comparative advantage if they can produce at:

Accepted Answer

lower opportunity cost

Question 11

Which one of the following is not a factor of production?

Accepted Answer

Choices

Question 12

You need more current consumption to enchance economic growth

Accepted Answer

False

Question 13

The PPF can be a straight line

Accepted Answer

False

Questions 13