Ch1 Lesson 3 Quiz ( McGrawHill)

Economic growth causes the production possibilities frontier to contract

• True
• Falso
• Maybe
• 455

People's skills, abilities, health, knowledge, and motivation all up to ENTREPRENEURSHIP ( human capital).

• How bow da???
• True
• False
• okay....

Which of the following would result in a change in the production possibilities frontier in the mythical country Alpha?

• an influx of immigrants from other countries
• the discovery of an abundant natural resource
• a long drought
• All of these answers ( all of the above)

People's skills, abilities, health, knowledge, and motivation all up to ENTREPRENEURSHIP ( human capital).

• it would not change the froniter
• it would make the frontier smaller
• it would expand the frontier
• it would change the shape of the frontier

The amount of output in a specific amount of time with a given amount of resources is referred to as

• productivity
• human capital
• efficiency
• investment risk

Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in....

• entrepreneurship
• human capital
• the product market
• the factor market

David gets paid, and is now at H-E-B buying chocolates and milk. He is participating in....

• Factor Market
• Product Market
• IDK
• Can  you explain it again?

Economic Growth usually can be achieved WITHOUT investing in new resources

• True
• False
• Maybe
• Jaramillo Rocks!

Separation of tasks to be performed by different workers is division of labor

• Go Spurs Go
• True
• False
• 857

Economic Growth is an increase in a nation's output of goods and services over time.

• True
• False
• Maybe
• 356