
Economics Ch 1 Review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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13 questions
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1.
FLASHCARD QUESTION
Front
The opportunity cost of increasing production from 4 to 9 boats is
Back
5 trucks
2.
FLASHCARD QUESTION
Front
A war breaks out in Ukraine, what happens to the production possibilities curve for the country?
Back
inward
3.
FLASHCARD QUESTION
Front
What can cause a production possibilities curve to move outward?
Back
new & faster computers are introduced to the country
4.
FLASHCARD QUESTION
Front
What does point Y represent on the PPC?
Back
Unattainable / impossible
5.
FLASHCARD QUESTION
Front
What would cause production at Point X?
Back
A recession closes factories and people are out of work.
6.
FLASHCARD QUESTION
Front
What is opportunity cost?
Back
the opportunity one has to give up in order to gain something else
7.
FLASHCARD QUESTION
Front
An incentive is: the option to select or make a decision when faced with two or more possibilities, a conclusion or resolution reached after consideration, a circumstance that contributes to a result or outcome, a benefit or cost that influences a person's decision
Back
a benefit or cost that influences a person's decision
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