A production possibilities curve helps to determine

the maximum combinations of goods and services produced

Factors of Production include which of the following?

land, labor, capital, entrepreneurship

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Economics Today and Tomorrow Review

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Economics Today and Tomorrow Chapter 1 Review 12th grade ECON

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Questions 22

Answers

1
After creating an economic model, economists see if it is appropriate by
asking other economists about it
formulating theories about how the economy works
testing the model
recording the factors of production
2
The branch of economic theory dealing with the economy as a whole
economic model
Microeconomics
scarcity
Macroeconomics
3
Manufactured goods used produce other goods and services
goods
land
capital
services
4
Situation in which people do not have enough resources to satisfy every desire.
microeconomics
economic model
scarcity
factors of production
5
Which are the three basic needs of people according to economists
clothing, shoes, foodd
food, shelter, housing
food, shelter, clothing
food, water, shelter
6
A car used by a messenger service is a type of
capital
opportunity cost
trade-off
labor
7
Economists build economic models
help analyze economic behavior
find out how high teenage unemployment is
help consumers determine their opportunity costs
describe a business's factors of production
8
The branch of the government looking at the small units of individual
hypothesis
macroeconomics
microeconomics
economy
9
Activities done for a fee
capital
services
labor
productivity
10
A company's office buildings are an example of
entrepreneurship
capital
land
labor
11
A production possibilities curve helps to determine
factors of production
all the opportunity cost and trade offs a business faces
the maximum combinations of goods and services produced
cost of production
12
The basic problem of economics is?
government policies
consumer behavior
scarcity
pricing
13
Amount of output that results from a given level of input
productivity
labor
services
scarcity
14
Economics is primarily concerned with which of the following?
methods of production
use of resources
future cost of goods
values and objectives of a society
15
the work people do
labor
capital
economics
services
16
Buildings, tools, and machinery are what factor of production?
land
capital
labor
entrepreneurship
17
Trees, cows, and sun are what factor of production?
entrepreneurship
land
labor
capital
18
a theory that helps explain and predict economic behavior in the real world.
economic model
hypothesis
entrepreneurship
scarcity
19
Factors of Production include which of the following?
technology products and entrepreneurship
goods and services
all of the products produced in an economy
land, labor, capital, entrepreneurship
20
Entrepreneurship refers to the ability to
start new business
manage other people
borrow capital successfully
adapt technology efficiently
21
any use of land, labor, and capital that produces goods and services more efficiently
technology
economic model
capital
hypothesis
22
The value of the next best alternative that has to be given up for the action that is chosen
trade off
opportunity cost
productivity
factor of production

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