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Economics Practise quiz
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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
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
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
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
The most common Economic system found in the world is?
mentioned in class
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
True or False?
Capital is not Savings
Not in Slides but mentioned in Class!!!!!
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
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
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
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
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
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
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