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unit 1 test

QuestionAnswer
scarcity
consumer goods v capital goods
trade-offs
opportunity costs
centrally planned economics
free market economics (capitalism)
mixed economics
three shifters on PPC
product market
factor (resource) market
factor payments
transfer payments
which of the following is true for all economies regardless of their economic system ? every economiy must determine what to produce and how it produces goods and services.
which of the following is the best example of physical capital ? a truck for a delivery company
when making a decision, the next best alternative is called the opportunity cost
which of the following must be tru if an individuals next best alternative to going to the beach is studying for an economics exam the opportunity cost of going to the beach is being better prepared for the exam
if the production possibilities curve is concave from the origin (or bowed out) , then economists say that resources aren’t equally suited for the production of both curves
a point outside the production possibilities curve would represent a combination that can’t be achieved due to scarcity
an increase in which of the following would cause an outward shift of the production possibilities curve for consumer goods and capital goods ? an increase in the resources to produce capital goods
which of the following is true according to the circular flow model ? firms are demanders in the resource markets and suppliers In the product markets
which of the following can be considered a leakage from the circular flow of economic activity ? saving
which of the following best explain why many US economists support free trade ? the long run gains to consumers and some producers exceed the losses to other producers
claire is an economist who can earn $150 per hour. she is also an excellent chef who can cook three times as fast as the best chef in the area, whose hourly wage is $20 per hour. which of the following is a correct economic statement? claire has a comparative advantage in economics so she.should specialize in economics and hire a chef to cooke for her
an increase in which of the following would cause an outward shift of the production possibilities curve for consumer goods and capital goods ? an increase in the resources to produce capital goods
which of the following is true according to the circular flow model ? firms are demanders in the resource markets and suppliers In the product markets
which of the following can be considered a leakage from the circular flow of economic activity ? saving
which of the following best explain why many US economists support free trade ? the long run gains to consumers and some producers exceed the losses to other producers
claire is an economist who can earn $150 per hour. she is also an excellent chef who can cook three times as fast as the best chef in the area, whose hourly wage is $20 per hour. which of the following is a correct economic statement? claire has a comparative advantage in economics so she.should specialize in economics and hire a chef to cook for her
having limited resources to meet everyone’s unlimited wants and needs
direct consumption by consumers goods made for indirect consumption
all lost choices
giving up something to get something
govt controls all resources
little govt involvement
mixed economics free market within govt
change in resource quality or quantity change in technology change in trade
Atlantis can producers either 2 tons of grain or 4 cars with 10 units of labor. Zoltar can produce either 5 tons of grain or 25 cars with 10 unts of labor. based on this information, which of the following is true atlantis has a competitive advantage in the production of grain, while zoltar has a comparative adavantage in the production of cars
deirdre has one free hour to practice the piano for an upcoming school concert or work at the library for $7 per hour or babysit her neighbors 12 year old son for $10 per hour. she chooses to practice piano. what is the opportunity cost of practicing the opportunity cost would be $10 bc it is the wage for the most profitable alternative
concave shape of the production possibilities curve implies the notion of increasing opportunity costs
it is beneficial for two countries to trade only when there is a comparative advantage in production between the two countries
in a command economy market prices are determined by a central plan designed by the government
which of the following will cause an outward shift of the production possibilities curve ? education reading for employees
which of the following are some of the basic questions every economy must answer what to produce ? how to produce ? from whom to produce ?
a nation produces spinach and letttuce. a biased technology is made which improves spinach production. if the quantity of pinch produced doesn’t change, the ? lettuce quantity will increase
Created by: charlotte_knox22
 

 



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