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Which of factors of production is the hardest thing to explain?
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Outside (to the right) the Product Possibilities Frontier curve/line is impossible
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Absolute Advantage is when a country can to produce a good at a lower opportunity cost than another nation.
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
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?
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Paradox of value helps explain why...
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Which of factors of production is the sun?
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Opportunity cost can always be expressed in term of the TIME you give up.
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
Which of the following are the four key elements within the scope of economics
True
Description, Analysis, Explanation, and Prediction
Entrepreneur
What to produce?
how diamonds are more expensive than basic needs
False
Land
False
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