1. Any resources that are made by humans and used to create other goods and services are called completes the statement or c the question. answers services. b. production. 2. An example of a. capital. labor.
1. Any resources that are made by humans and used to create other goods and services are called completes the statement or c the question. answers services. b. production. 2. An example of a. capital. labor.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:4. The government of a country must make a decision between increasing military spending and subsidizing
food available because the trucks carrying it are on strike,
Shehi
water available for irrigating a crop because it is used for other crops.
1. Any resources that are made by humans and used to create other goods and services are called
Identify the choice that best completes the statement or answers the question.
racy
Intro to Economics Chapter 1
9-20-21
333
2nd hr
Class:
pate:
Multiple Choice
a.
services,
b.
production.
An example of a shortage is limited amounts of
capital.
labor.
2.
a.
b.
labor available because the workers baye other joos
c.
food available because few people want
The resources used to make all goods and services are the
production possibilities.
factors of production.
d.
3.
buy it.
production trade-offs.
d. opportunity costs.
c.
wheat farmers. This kind of decision is a
guns or butter issue,
decision at the margin.
global trade-off.
basic economic decision.
с.
d.
5. The opportunity cost of a decision can be examined by using a
global trade-off grid.
d. graph of increasing costs.
production possibilities graph.
a.
b.
factors of production chart.
6. Why are all goods and services scarce?
Some goods cost more than others.
b.
a.
All resources are scarce.
Some things are needs and others are wants.
Some people want to have more goods than others.
с.
d.
7. What is the opportunity cost of a decision?
the series of alternative decisions that could have been made
the best possible way the question could have been decided
the different ways that a different person might have made the decision
the most desirable alternative given up for the decision
a.
b.
с.
d.
8. What is a factory building an example of?
human capital
b. physical capital
9. The government of a country must make a decision between spending money on a hospital or spe
same amount on border security. What kind of decision is this?
с.
an economic trade-off
a.
d. technology
guns or butter
b. decision at the margin
c. global trade-off
d. production efficiency decision
a.
10. Which of the following makes someone an entrepreneur?
earning a lot of money as a computer programmer
b. becoming a highly paid dancer
running a service that hires people to install sprinkler systems in lawns
d. inventing and selling the rights to manufacture a computer game
a.
с.
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