spending time on the phone instead of studying is an example of "POOR DISTRBUTION OF RESOURCES".
True
False
Which of the following is studied under Microeconomics?
GDP of Australia
Unemployment in USA
Inflation in Britain
Unemployment of people with disabilities
Needs are only tangible items necessary for survival.
False
True
Free goods do not have an opportunity cost.
True
False
Just like natural and capital resources, technology is also considered a factor of production.
True
False
Economics is the study of how society chooses to allocate scarce resources to make g&s to satisfy n&w
True
False
Someone who is super rich and is able to buy everything that they wish for, still has ____________
an economic problem
wants
Two of the answers are correct
basic needs
The three economic problems are asked by individuals & societies because of the problem of ______________
consumer preferences
scarcity
unlimited resources
limited wants
The idea that people choose something when the advantages of doing so outweigh the sacrifice.
Opportunity cost
Rational decision
Cost-Benefit Analysis
Trade-off
Which of the following is not a tradeoff?
Choosing Literature over Engineering specialty
Choosing medical school over Engineering school
Choosing to buy a Kia instead of a Hyundai
swapping laptops with your best friend to do the ET :)
When the owner of a restaurant buys vegetables for his restaurant, s/he is buying _________
services
natural resources
consumer goods
capital goods
A product which requires resources to produce and, therefore, has an opportunity cost.
Capital good
Economic good
Intangible service
Consumer good
What does point X represent on the PPC?
Not all resources are used
Two of the answers are correct
Unattainable
Inefficiency
The biggest economic problem is ________
Limited wants
Lack of resources
Unlimited resources
Unemployment
The more money you have, the less you face opportunity costs.
True
False
What's the opportunity cost of investing in capital?
Current consumption
Infrastructure
Leisure
Wealth
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
Scarcity forces tradeoff
Rational decision
Costs Versus benefits
Although we don't hold services in our hands, we still have to pay for the services provided.
True
False
The same product could be considered a capital good or a consumer good depending on how it will be used.
True
False
The study of the entire economy, including topics like inflation, GDP,..etc is Microeconomics.
True
False
The person who makes a product or offers a service
Producer
Supplier
Manufacturer
All the answers are correct
The PPC __________________
reflect the trade off between unemployment and the rate of inflation
shows how much of a given good firms will supply at each price
None of the answers is correct
reflects the trade off between the manufacture of two different goods
What do you call it when you run out of coffee creamer?
Shortage
Production
Scarcity
Consumption
Scarcity causes prices to decrease
True
False
The Point Y on the PPC below is ________________
unattainable
Inefficient
Shows underutilized resources
Unrelated to the PPC
Mom is buying you a slime that she hates. She is a ___________
customer
supplier
producer
consumer
PPC shows the maximum combinations of two outputs an economy can produce in a given time with its available resources.
False
True
Which of the following seems to represent the law of diminishing marginal utility?
Rawan's 5th hamburger sandwich is more delicious than her first
Darine has a decreasing desire for more wealth the richer she becomes
Toka enjoys her 10th can of pepsi more than her first
Mariam likes Tik-tok more and more, the more she Tik-toks
The table shows combination - widgets&gizmos I can make in a day. What's the opportunity cost of moving from E to A?
15 gizmos
2 widgets
12 gizmos
4 widgets
Which of the following is not a service?
Education
Medical checkup
Groceries
Hair salon
The Production Possibilities Curve is a graph that shows ______________.
the opportunity a country has to give up in order to lose something else.
how much money something is worth
how efficient an economy can produce a combination of two goods
None of the answers is correct
How society chooses to allocate its limited resources to meet unlimited needs and wants is ______________
Microeconomics
Consumption
Production
Economics
The idea that people respond to incentives in generally predictable ways demonstrates the rational behavior model.
True
False
Tangible products are the only things we pay for.
False
True
The opportunity costs to go from Point D to Point C is what?
5 public goods
13 public goods
7 Private goods
5 private goods
What is it called when you choose between two possible uses for a resource, giving up one alternative for another?
Trade-off
Opportunity Cost
Trading Spaces
Economic cost
The supply of raw material in the steel industry have affected the nation's productivity. This is
Econometrics
Macroeconomics
International economics
Microeconomics
Points on the curve mean the company/country/individual is being efficient. Points outside the curve, mean
A mistake
Inefficient
Unattainable
In the short run
What is the opportunity cost of this firm for producing only industrial robots?
None of the answers is correct
0 Pizzas
400,000 Pizzas
600,000 pizzas
Human wants are greater than the resources that are available to satisfy them. This implies the need to _____________.
Borrow or sell
work harder
make choices to allocate resources
ask for less
Scarcity is the main problem of ______________, which is why there are three questions that need to be answered.
Economics
Demand
Consumers
Producers
The opportunity cost of increasing production from 7 to 9 trucks is ____________.
4 trucks
2 trucks
3 boats
2 boats
The highest next best value that must be sacrificed to satisfy a want.
Economic good
Opportunity cost
Factor of production
Marginal Utility
What is Marie's opportunity cost of making earrings?
2/3 bracelets
1.5 bracelets
2 bracelets
3 bracelets
Scarcity means ______________ amount of resources available to meet _____________ needs & wants.
unlimited, limited
few, limited
limited, few
Limited, unlimited
Where does the choice happen in this image?
Opportunity Cost
After the Opportunity Cost
Scarcity
Tradeoffs
Which of the following statements about this production possibilities curve is true?
Point E might be achieved in future cos of technological improvements
Point D is not attainable given the societiy's resources
Point A is not attainable in a developed society
Points C&D reflect equal amounts of computers & farm products
Natural resources are all of the following EXCEPT _________
Limited
Scarce
Unlimited
Non-renewable