Study Guide: Economics Chapter 1

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Accumulation of all tangible product
A nation’s wealth is determined by its

An influx of immigrants from other countries, the discovery of an abundant natural resource, a long drought (all of the above)
Which of the following would result in a change in the production possibilities frontier in the mythical country Alpha?

They drive decisions about what to produce
Consumers are powerful because

Cost-benefit analysis
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)

Economic growth
When a nation’s total output increases over time, the nation is experiencing

How many distinct “factors of production” do economists recognize?

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Nondurable good
A can of soup is an example of a

Durable good
A car is an example of a

Consumers waiting in long lines for a new product is an example of

The factor marker
Dave gets job at a grocery store, which pays him an hourly wage for his labor. Dave is participating in

Goods and services
Economic growth is most closely associated with an increase in

It identifies all possible combinations of goods and services an economy can produce
Which of the following statements best describes the purpose of the productions possibilities curve?

The amount of output in a specific amount of time with a given amount of resources is referred to as

Gross domestic product
The most comprehensive measure of a nation’s wealth is provided by its

It would expand the frontier
In the mythical county Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?

When deciding how to use resources, you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called:

Utility and scarcity (‘both a and c’)
Which of the following helps determine something’s value?

A production possibilities curve
Which of these do economists use to illustrate all conceivable combinations of output?

The value of the next best alternative
Opportunity cost refers to

Which of these is most closely associated with “opportunity cost?”

Explaining how people deal with scarcity
The study of economics involves

It increases efficiency by ensuring that workers become good at specific tasks
Division of labor is practiced because

The problem of scarcity
Economics is best defined as the study of how societies deal with

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