FREE AND STUDY GAMES ABOUT ECONOMICS TEST 1

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FREE AND STUDY GAMES ABOUT ECONOMICS TEST 1

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -20 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Which is NOT an example of capital at a book printing company?

Answer:

The oil used to heat the factory Question 2: Using resources in such a way as to maximize the production of goods and services is called

Answer:

Efficiency

Question 3: Each point on a production possibilities curve shows...

Answer:

Efficient utilization of resources

Question 4: Economics is the study of how people...

Answer:

Choose from limited resources to meet their needs

Question 5: All the goods and services we produce are...

Answer:

Scarce

Question 6: Which of the following is NOT a factor of production?

Answer:

The children whom the woman supports with her labor

Question 7: Giving up one alternative for another is called...

Answer:

A trade-off

Question 8: The purpose of a production possibilities graph is to

Answer:

Show alternative ways to use an economy's resources Question 9: Countries often have to choose between producing military or consumer goods, a trade-off economists call..

Answer:

Guns and butter Question 10: 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"

Answer:

Highways

Question 11: Entrepreneurs are people who...

Answer:

Put together land, labor and capital to create new businesses

Question 12: Which of the following decisions can NOT be made at the margin?

Answer:

Whether to move to Boston from Chicago

Question 13: A country's production possibilities will grow if it...

Answer:

Increases its resources

Question 14: Which is NOT capital?

Answer:

The person whose photograph is snapped by the candid photographer Question 15: The skills and knowledge gained by a worker through education and experience are...

Answer:

Human capital

Question 16: Shortage occurs when...

Answer:

People have trouble supplying the goods and services at current prices

Question 17: The resources used to make goods and services are called

Answer:

Factors of production

Question 18: Thinking at the margin means deciding about...

Answer:

Adding or subtracting one additional unit of some resource Question 19: If Karen gets up early and studied three hours for her test she is likely to get an

• If she sleeps in, she will probably get a
• What is the opportunity cost of sleeping in?

Answer:

Three additional hours of study

Question 20: Scarcity always exists because...

Answer:

Our needs and wants are not limited, but our resources are limited