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Economics Test 1

QuestionAnswer
Economics is the study of how people... Choose from limited resources to meet their needs
Giving up one alternative for another is called... A trade-off
All the goods and services we produce are... Scarce
Which of the following decisions can NOT be made at the margin? Whether to move to Boston from Chicago
Using resources in such a way as to maximize the production of goods and services is called Efficiency
Which is NOT an example of capital at a book printing company? The oil used to heat the factory
The skills and knowledge gained by a worker through education and experience are... Human capital
If Karen gets up early and studied three hours for her test she is likely to get an A. If she sleeps in, she will probably get a C. What is the opportunity cost of sleeping in? Three additional hours of study
Scarcity always exists because... Our needs and wants are not limited, but our resources are limited
A country’s production possibilities will grow if it... Increases its resources
Shortage occurs when... People have trouble supplying the goods and services at current prices
Which is NOT capital? The person whose photograph is snapped by the candid photographer
Economists refer to land, labor, and capital as the factor of production. “Land” in this context refers to natural resources. Given this definition, which of the items below is NOT “Land” Highways
Thinking at the margin means deciding about... Adding or subtracting one additional unit of some resource
Each point on a production possibilities curve shows... Efficient utilization of resources
Countries often have to choose between producing military or consumer goods, a trade-off economists call.. Guns and butter
Entrepreneurs are people who... Put together land, labor and capital to create new businesses
The resources used to make goods and services are called Factors of production
The purpose of a production possibilities graph is to Show alternative ways to use an economy’s resources
Which of the following is NOT a factor of production? The children whom the woman supports with her labor
Created by: Tadams18
 

 



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