Lesson 2 Quiz Answers – Flashcards
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Productive efficiency is gaining the most _________ with a given amount of input, but not relating output to consumer utility.
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output sovereignty resources?? satiation
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The Standard of Living of a nation is determined by the __________ available and how they are used.
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quarks or quirks only quirks, not quarks resources or factors???? only quarks, not quirks
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The ability of people to produce is determined by their ____________________ .
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skill knowledge training All the above?????
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Entrepreneurs are well compensated in a market economy if they provide high ________ to consumers at a relatively low cost.
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profit interest????? rent utility
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The transition away from Traditional and Autocratic systems began as the manor life yielded to the city life in the 17th and 18th centuries in ____________ .
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Europe??
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In Adam Smith's writing, the question of "What to produce?" was answered by _________________ in which the demand choices by consumers directed the supply decisions of producers.
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the revised sequence consumer sovereignty?????? the system of tradition the system of command
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Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .
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inflation and deflation misery and catastrophe?????? global warming and ice ages natural sunspots
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Marxist economics led to the creation of a communist state in ____________ .
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California Maine North Dakota Russia??????
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Workers formed ___________ and eventually these were recognized as a legal entity having the right of collective bargaining
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guilds chain gangs unions?????? websites
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A shift in a PPC/PPF to the right (or outward) illustrates ________ which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time.
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Inflation?? Recession Depression Growth
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Any point __________the frontier (curve) describes an economy with Unemployment or Under-employment of one or more of the four basic resources.
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outside inside????? on all of the above
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_____________ of economic activity has been evolving since the birth of economics in 1776.
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Digitizing Nono-engineering Mastication??? Visualization
