CHAPTER 1: WHAT IS ECONOMICS: Question Preview (ID: 19359)

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The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
a) its standard of living.
b) financial capital.
c) a cost-benefit analysis.
d) Gross Domestic Product (GDP).

A popular model used to illustrate the concept of opportunity cost is
a) the production possibilities frontier.
b) entrepreneurship.
c) the paradox of value.
d) the factors of production.

To arrive at an economic decision, a decision-making grid may be used to evaluate
a) productivity.
b) only durable goods.
c) alternative choices.
d) only capital goods.

Division of labor is a characteristic of
a) home craft businesses.
b) assembly line production.
c) classroom education.
d) entrepreneurship.

The study of economics is important because it enables us to
a) .describe our standard of living
b) increase our consumption of consumer goods.
c) become better decision makers.
d) determine what goods ought to be produced.

Manufactured goods needed to produce other goods and services are called
a) nondurable goods.
b) capital goods
c) gross domestic product
d) consumer goods

Which of the following is NOT one of the four factors of production?
a) land
b) financing
c) capital
d) labor

The situation in which some necessities have little value while some non-necessities have a much higher value is known as
a) paradox of value.
b) opportunity cost.
c) trade-offs.
d) economic interdependence.

What occurs when a nation's total output of goods and services increases over time?
a) inflation
b) unemployment
c) economic growth
d) recession

An economy at its production possibilities frontier is operating
a) with slow economic growth.
b) at full potential.
c) without division of labor.
d) as a free enterprise economy.

The money used to buy the tools and equipment needed for production is known as
a) capital goods.
b) the factors of production.
c) financial capital.
d) wealth

Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of
a) opportunity costs.
b) trade-offs.
c) specialization.
d) economic interdependence.

The study of how people try to satisfy their needs and wants through the use of limited resources is called
a) value.
b) economics.
c) scarcity.
d) opportunity costs.

What factor of production describes people with all their efforts, abilities, and skills?
a) land.
b) labor.
c) capital.
d) entreprenuerial abilty

What economic problem is caused by the condition of not having enough resources to produce all the things people want?
a) standard of lving
b) trade ofsf
c) opportunity costs
d) scarcity

What are the alternative choices made by consumers in the marketplace called?
a) opportunity costs
b) trade offs
c) bartering
d) scarcity

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