Chapter 1: Multiple Choice – Flashcards
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WHEN to produce
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Which of the following is NOT a basic economic question?
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scarcity
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What is the fundamental problem of economics?
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land, labor, capital, entrepreneurs
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Which of the following lists the four factors of production?
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a television set for sale at an appliance store
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Which of the following is NOT a capital good?
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production
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The study of economics includes all of the following EXCEPT
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have utility
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For something to have value, it must
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a haircut
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Which of the following is an example of a service?
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a car
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Which of the following is an example of a good?
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performing one task relatively more efficiently than another
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Specialization refers to
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people's reliance on each other to provide goods and services
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What is economic interdependence?
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Opportunity costs are incurred when trade-offs are made
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Which of the following best describes the relationship between trade-offs and opportunity costs?
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something else that could have been bought
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Imagine you decide to purchase a soccer ball for $35. Which of the following is an opportunity cost of your decision?
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It indicates the ideal production levels for goods and services
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Which of the following is NOT a characteristic of a production possibilities frontier?
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become better decision makers; make wise choices for political candidates;understand the free-enterprise system
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The study of economics helps people to
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writing a thesis
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Which of the following is NOT an example of economic decision making?
