Economics Ch 1 Quiz

Question 1

"Using a washing machine, rather than washing by hand, creates more time to read to your kids"

Accepted Answer

This quote is an example of opportunity cost

Question 2

What is scarcity?

Accepted Answer

the idea of having unlimited wants with limited resources

Question 3

North Korea devotes many resources to the development of nuclear weapons.

Accepted Answer

This example is a guns vs butter situation

Question 4

In the production of prosthetic limbs, the scientific knowledge used by workers would be

Accepted Answer

Human Capital

Question 5

Which of the following is NOT a factor of production?

Accepted Answer

Efficiency

Question 6

What is opportunity cost?

Accepted Answer

the most desirable alternative not chosen in a decision

Question 7

In the production of tomato soup, which factor of production would be the tomatoes

Accepted Answer

Land

Question 8

What would be the opportunity cost if Nintendo increases production of Switches from 10 to 15?

Accepted Answer

50 3DS

Question 9

Which is the best definition for economics?

Accepted Answer

studying the choices of individuals, firms, and governments

Question 10

Choosing to produce a car that only uses electricity, is an example of which FOP?

Accepted Answer

Entreprenuership

Questions 10