Unit 1 Review : Question Preview (ID: 13835)


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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) How to produce? b) Where to produce? c) For whom to produce? d) What to produce?
In the United States, we use what to decide \
a) Wealth b) Price and Products c) Wealth and Price d) Price
Which of the following are the four key elements within the scope of economics
a) Description, Analysis, Explanation, and Prediction b) Understanding, Prediction, Review, and Forshadow c) Analysis, Conclusion, Explanation, and Understanding d) Description, Analysis, Conclusion, and Prediction
Which of factors of production is the sun?
a) Land b) Entrepreneur c) Capital d) Labor
Which of factors of production is the hardest thing to explain?
a) Land b) Entrepreneur c) Capital d) Labor
Which of factors of production would a building be?
a) Land b) Entrepreneur c) Capital d) Labor
Opportunity cost can always be expressed in term of the TIME you give up.
a) True b) Not this one c) Not this one d) False
Outside (to the right) the Product Possibilities Frontier curve/line is impossible
a) True b) Not this one c) Not this one d) False
Absolute Advantage is when a country can to produce a good at a lower opportunity cost than another nation.
a) True b) Not this one c) Not this one d) False
Paradox of value helps explain why...
a) water is a necessity b) the price of roman noodles c) how diamonds are more expensive than basic needs d) you are still sitting in class
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