ECON - Unit 1 BOOM Question Preview (ID: 61901)


Unit 1. TEACHERS: click here for quick copy question ID numbers.

What is the economic term for the basic condition that exists when unlimited wants are greater than the limited productive resources?
a) scarcity
b) a rational decision
c) opportunity cost
d) an incentive

The value of the next best alternative is often called...
a) opportunity cost
b) a marginal benefit
c) an externality
d) a public good

A decision is only considered rational if the marginal benefit is...
a) greater than the marginal cost
b) less than the marginal cost
c) ###
d) ####

On a Production Possibilities Curve (PPC), a shift to the right represents:
a) growth
b) inefficency
c) efficiency
d) ####

Natural resources, human resources, physical capital, and entrepreneurship are:
a) factors of production
b) incentives
c) negative externalities
d) public goods

Lottery, sharing, and first-come-first-serve... are all examples of...
a) ways to allocate scarce resources
b) incentives
c) specializing in a market economy
d) economic systems

Something that motivates a person to do something... is called:
a) an incentive
b) human capital
c) a marginal cost
d) opportunity cost

Productivity is the ratio of:
a) inputs to outputs
b) positive externalities to negative externalities
c) human capital to capital goods
d) marginal benefits to marginal costs

When a country invests in human capital:
a) the standard of living increases
b) the standard of living decreases
c) the standard of living stays the same
d) ####

When countries use specialization:
a) productivity increases
b) productivity decreases
c) productivity remains dormant
d) ####

Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 61901 in the upper right hand corner or click here.

TEACHERS / EDUCATORS
Log In | Sign Up / Register

Help / Support / FAQ




Gaming Links