True or False: I would use a Production Possibility Curve to determine the maximum output between the five different goods my company produces.
False: This is only used when looking at two different goods.
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15
Who did Karl Marx consider the Proletariat to be?
The workers who needed to overthrow the owners of businesses.
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15
What is the trade off if a country decides to go to war?
Many resources they use in the war cannot be used for the citizens of the nation and the needs they have.
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monster
Reset all scores!
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star
Double points!
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gift
Win 10 points!
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lifesaver
Give 25 points!
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10
If you are looking at the overall health of the United States economy are you looking more at Macroeconomics or Microeconomics.
Macroeconomics
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trap
No points!
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gift
Win 25 points!
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shark
Other team loses 25 points!
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baam
Lose 20 points!
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10
Polaris can make snowmobiles or ATV's. If they put 80% of their resources and production toward ATV's, what is the trade off?
The trade off is they cannot produce as many snowmobiles.
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20
A production possibility curve is used to do what?
Determine the maximum amount of two goods when there is a fixed input.
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10
Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
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5
Is Karl Marx associated with Capitalism or Communism?
Communism
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5
Is Adam Smith well known for Capitalism or Communism?
Capitalism
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5
If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
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5
What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
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15
What does it mean if a business owner has profit incentive?
They are motivated by making a profit.
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10
What type of system would you have if some industries are controlled by the government but others are controlled by businesses- Capitalist, Socialist, or Communist?