Economics Final 5th Period

Front

The Norwegian government chose to spend the profits from oil on stocks, bonds, and property instead of improving domestic infrastructure. Which economic concept does this illustrate?

Back

opportunity cost

Front

In a hypothetical country called Libertaria, the government does not interfere in economic activities at all. What type of economy does Libertaria have?

Back

Market

Front

In this country, the government decides the goods' production, quantity, and pricing.

Back

Command

Front

In a country where both the government and companies operate, what type of economy is it?

Back

Mixed

Front

If a country's production point lies inside the production possibility frontier, what does that indicate?

Back

They are being inefficient

Front

How might investing heavily in education, technology, and infrastructure affect a country's productive capacity on the PPC?

Back

Increasing the availability of skilled labor, advanced technology, and improved infrastructure

Front

What factor of production does using water in a garden's irrigation system exemplify?

Back

land

Front

Movement down the PPF curve indicates that the opportunity cost of producing more consumer goods is more capital goods

Back

True

Front

If the country of Econoland sees an increase in its labor force due to immigration, this would cause Econoland's PPF to

Back

Shift outward

Front

The law of demand argues that as prices rise

Back

the quantity demanded will fall

Tags

DOK 1

Law of Demand