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unit 1 test
| Question | Answer |
|---|---|
| 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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