Front

True or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.

Back

True

Front

If the production of good X increases by 3 units and production of good Y decreases by one unit, then the opportunity cost of one unit of X is ____ unit(s) of Y.

Back

1/3

Front

Based on the production possibilities table, which production combination is possible? Options: 28 pizzas and 5 pairs of shoes, 3 pairs of shoes and 23 pizzas, 2 pairs of shoes and 20 pizzas, 4 pairs of shoes and 15 pizzas

Back

2 pairs of shoes and 20 pizzas

Front

If the country is currently producing at point B and decides to produce at point C, the opportunity cost for the additional pair of shoes is ____ pizzas.

Back

3

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

What is opportunity cost?

Back

the opportunity one has to give up in order to gain something else

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation

Back

scarcity

Front

Land, Labor, Capital, and Entrepreneurship

Back

Factors of Production

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats