Economics- Final Exam Review

Front

In the product market, business and industry is providing households with

Back

goods and services

Front

In the factor market, business and industry is providing households with

Back

payment for productive resources

Front

In the product market, households are providing business and industry with: payment for productive resources, payment for goods and services, goods and services, financial capital

Back

payment for goods and services

Front

If Cornerstone utilizes their resources to produce 70 baseballs, they can produce

Back

75 lawnmowers

Front

If Cornerstone utilizes their resources to produce 125 lawnmowers, they can produce

Back

40 baseballs

Front

If Cornerstone shifts their resources from producing 30 baseballs to producing 90 baseballs, their opportunity cost will be

Back

125 lawnmowers

Front

If Cornerstone shifts their resources from producing 75 lawnmowers to producing 125 lawnmowers, their opportunity cost will be

Back

20 baseballs

Front

Chapter 1: What does the solid black line in the middle of the graph represent?

Back

efficient levels of production

Front

Given current conditions, the point on the graph that cannot be currently attained is

Back

A

Front

Given current conditions, the point on the graph that can be currently attained, but is underutilized or inefficient is:

Back

B