Economics Practise quiz

1.

1 point

what is a production possibilities curve?

Slide 7 Page 3

the maxium amount of two products that can b produced using all available resources

the graphing and weighting on producing all products from a country

aka direct cost curve

2.

1 point

What is economics as a science?

Slide 22 Page 7

the concerns individuals and their behavior regarding the use of scarce resources

The study of unlimited resources and what to do with them

3.

1 point

What is Economics? Slide 3 page1

the study on how we make decisions regarding the use of our scarce resources

anything that is available only in a limited supply

out of pocket expenses required to do something

represents the value of a decision not taken

4.

1 point

Direct cost is?

Slide 5 Page 2

represents the value of the best forgone alternative in the decision 2 use a resource

Total Revenue-Total Cost

out of pocket expenses that are required to do something

5.

1 point

The Law of Diminishing returns is ?

Slide 16 Page 6

When a fixed resource is combined with increasing amounts of a Variable resource eventually the total output will become smaller and smaller

If the economy is in an economic boom eventually it will go in a recession to balance out the market place

an economic approach to decision making

6.

1 point

in a production possibility curve what does an option below the curve represent?

This was mentioned in class

I dont know

below isnt possible unless a new technology was brought in to speed up production

an economic boom

an economic recession

7.

1 point

True or False?
Capital is not Savings

Not in Slides but mentioned in Class!!!!!

True

False

8.

1 point

Resources are used to produce goods and services and can be classified into these groups?

Slide 4 Page 2

Capital, Land , Labour , and Savings

Opportunity cost, Direct cost

Drugs , Money , and Bitches

Land , Labour , and Capital

9.

1 point

The most common Economic system found in the world is?

mentioned in class

Socialist

Capitalist

Mixed

Communist

10.

1 point

Opportunity cost is

Slide 5 Page 2

out of pocket expenses to do something

Total Profit of 1 idea

the study of how we make descisions regarding the use of our scarce resources

represents the value of the best forgone alternative in the decision to use a resource

11.

1 point

A free market approach is ?

Slide 18 Page 6

All of the below

Often referred to as a communist government

is based on the private ownership of property and resources and decisions are made by individuals or a business

12.

1 point

The Command approach is?

slide 18 page 6

describes a situation in which resources-land, labour,and capital are jointly publicly owned and decisions are centralized

Often referred as a Socialist government

Often referred as a communist government

all of the above

13.

1 point

What is Scarcity? Slide3 Page 1

the study of how people go about there daily lives

unlimited wants with limited resources

an economy that is predominantly free trade

an economy that utilizes the command stress approach