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Unit 1 Review
Test Description: Basic Economic Principals Test Review
Instructions: Answer all questions to get your test result.
1) If a country is thinking it should direct most of its resources to the production of hot dogs & not bombs, which one of the three basic economic questions is focusing on?
A
For whom to produce?
B
What to produce?
C
How to produce?
D
Where to produce?
2) In the United States, we use what to decide \
A
Price
B
Wealth
C
Price and Products
D
Wealth and Price
3) Which of the following are the four key elements within the scope of economics
A
Description, Analysis, Explanation, and Prediction
B
Description, Analysis, Conclusion, and Prediction
C
Analysis, Conclusion, Explanation, and Understanding
D
Understanding, Prediction, Review, and Forshadow
4) Which of factors of production is the sun?
A
Capital
B
Entrepreneur
C
Land
D
Labor
5) Which of factors of production is the hardest thing to explain?
A
Entrepreneur
B
Land
C
Capital
D
Labor
6) Which of factors of production would a building be?
A
Land
B
Entrepreneur
C
Capital
D
Labor
7) Opportunity cost can always be expressed in term of the TIME you give up.
A
Not this one
B
False
C
True
D
Not this one
8) Outside (to the right) the Product Possibilities Frontier curve/line is impossible
A
False
B
True
C
Not this one
D
Not this one
9) Absolute Advantage is when a country can to produce a good at a lower opportunity cost than another nation.
A
False
B
Not this one
C
Not this one
D
True
10) Paradox of value helps explain why...
A
you are still sitting in class
B
water is a necessity
C
how diamonds are more expensive than basic needs
D
the price of roman noodles
*select an answer for all questions
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