Introduction to Economics Review

Front

The three broad factors of production are land, labor, and capital.

Back

True

Front

The problem of scarce resources, but unlimited wants, exists for every person and society on the planet. True or False?

Back

True

Front

All economies decide, in a similar way, what goods and services will be produced.

Back

True

Front

Under a pure centrally planned economy, the "invisible hand" of the market decides what products will be produced and how much they will cost.

Back

False

Front

Any movement along a production possibilities frontier involves giving up some of one good to get more of the other.

Back

True

Front

Making choices in a world of scarcity means that you must…

Back

pass up some alternatives.

Front

Which of the following is a natural resource? Copper wire that is installed in a new house, Copper that has been refined and made into electric wire, Electricity that flows over copper wire., Copper ore that is still in the ground

Back

Copper ore that is still in the ground

Front

Which describes human capital?

Back

Skills and knowledge

Front

Points along a production possibilities frontier represent the production of two types of products that…

Back

make efficient use of resources.

Front

A production possibilities frontier has a bowed-out shape because resources in the economy…

Back

are not all perfectly adaptable to the production of both types of goods.