Natural resources are all of the following EXCEPT _________
Unlimited
Non-renewable
Limited
Scarce
I only have an hour of free time today. If I study, I can't see my friends. What is this an example of?
Incentives matter
Costs Versus benefits
Rational decision
Scarcity forces tradeoff
What is Marie's opportunity cost of making earrings?
2/3 bracelets
1.5 bracelets
2 bracelets
3 bracelets
The idea that people choose something when the advantages of doing so outweigh the sacrifice.
Trade-off
Rational decision
Cost-Benefit Analysis
Opportunity cost
The PPC __________________
reflects the trade off between the manufacture of two different goods
reflect the trade off between unemployment and the rate of inflation
None of the answers is correct
shows how much of a given good firms will supply at each price
The table shows combination - widgets&gizmos I can make in a day. What's the opportunity cost of moving from E to A?
12 gizmos
4 widgets
15 gizmos
2 widgets
The highest next best value that must be sacrificed to satisfy a want.
Factor of production
Opportunity cost
Economic good
Marginal Utility
What's the opportunity cost of investing in capital?
Wealth
Infrastructure
Current consumption
Leisure
A product which requires resources to produce and, therefore, has an opportunity cost.
Capital good
Economic good
Intangible service
Consumer good
Free goods do not have an opportunity cost.
True
False
What is the opportunity cost of this firm for producing only industrial robots?
None of the answers is correct
0 Pizzas
600,000 pizzas
400,000 Pizzas
The Production Possibilities Curve is a graph that shows ______________.
None of the answers is correct
how much money something is worth
how efficient an economy can produce a combination of two goods
the opportunity a country has to give up in order to lose something else.
Scarcity means ______________ amount of resources available to meet _____________ needs & wants.
unlimited, limited
limited, few
Limited, unlimited
few, limited
What do you call it when you run out of coffee creamer?
Shortage
Consumption
Production
Scarcity
Human wants are greater than the resources that are available to satisfy them. This implies the need to _____________.
make choices to allocate resources
ask for less
work harder
Borrow or sell
What is it called when you choose between two possible uses for a resource, giving up one alternative for another?
Trading Spaces
Economic cost
Opportunity Cost
Trade-off
