Economics Ch. 1 Answers – Flashcards
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People's needs are limited
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False
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Separation of tasks to be performed by different people is division of labor
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T
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Scarcity is an economic problem
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T
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Economic growth causes the production possibility frontier to contract?
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F
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Japan with an aging population has had difficulty replacing people with machines
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F
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Economic growth can be achieved without investing in new resources
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F
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Economic growth is an increase in a nation's output goods and services over time
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t
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Both goods and services are counted as wealth
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F
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When a nation's total output is increased overtime the nation is experiencing?
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economic growth
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Consumers are powerful because
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They drive decisions about what to produce
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Which of the following would produce a change in the production possibilities frontier in the country of alpha
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D. All of the above
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Economic growth is closely associated in an increase in
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D goods and services
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How many distant factors of production do economics recognize?
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D. 4
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In the mythical country alpha an entrepreneur produces a new technology, how is this likely to affect the production possibility?
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A. expand
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In deciding how to use with resources you need to evaluate each cost and benefits, This refers to
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C. trade
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The paradox of values refers to
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C. high value-non Low value-essential item
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A can of soup is an example
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A. Non-durable
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Economics is best defined as the study of
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scarcity
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Which of these is most closely associated with opportunity cost?
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Trade-offs
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Which of the following statements best describes the purpose of the production possibilities curve
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B. identifies the combination of goods and services
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When a business needs to decide whether a certain action is worth the cost, the helpful analysis would be a
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B. Cost-benefit analysis
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Car is an example of a
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A. Durable good
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The amount of output in a specific amount of time is
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B. productivity
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Economic growth is most closely associated with an increase in
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Goods and services
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When a nation's total output increases over time, the nation is experiencing
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economic growth
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When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be an
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cost benefit analysis
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Consumers are powerful because
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they drive decisions about what to produce
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The amount of output in a specific amount of time with a given amount of resource is referred to as
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Productivity
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Division of labor is practiced because
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it increased efficient by ensuring that workers become good at specif tasks
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Dave gets a job at a grocery store, which pays him a hourly wage in exchange for his labor. Dave is participating in
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the Factor market
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Economics is best defined as the study of how societies deal with
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the problem of scarcity
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Which of these do economists use to illustrate combinations of output?
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a production possibilities curve
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Which of the following descriptions best explains the meaning of opportunity cost?
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the cost of choosing one alternative over another
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A car is an example of a
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durable good
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Which of the following helps determine somethings value?
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utility and scaricity
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computers used to produce magazine articles
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Capital
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The South's rainy season
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Land
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A third-grade teacher
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labor
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Developing of a new smartphone app
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Entrepreneur
