Which of the following would be a clear indication of being an entrepreneur?

Ability to combine the factors of production and produce something innovative

Appearing on Shark Tank looking for investments

The amount of revenue taken in during the company's first few years

Ability to be a wealthy investor who provides capital to other business

Assume a country wants to move from Point B to Point D on this Production Possibilities Curve. What must that country do?

Increase spending on border security and decrease hospital spending

Increase spending on border security and keep hospital spending constant

Decrease spending on border security and increase hospital spending

Decrease spending on border security and keep hospital spending constant

When the quantity equals 400 pretzels:

consumers are willing to pay $2 for 400th pretzel

producers are willing to supply 400 pretzels for $2

consumers are willing to pay $3 for the 400th pretzel

producers are willing to supply 400 pretzels for #3

When 300 pretzels are produced:

The marginal cost is equal to the marginal benefit

The marginal cost is greater than the marginal benefit

The marginal cost is less than the marginal benefit

The marginal cost is not related to the marginal benefit

What is the effect of the United States and Ireland both specializing in the goods that they have a comparative advantage in?

Both countries will experience gains from trade

Only the US will experience gains from trade

Only Ireland will experience gains from trade

Neither country will experience gains from trade

Suppose that in one week Sam can knit 5 sweaters or make 4 blankets and Rob can knit 10 sweaters or make 6 blankets. Which of the following is true?

Sam has a comparative advantage in making blankets

Sam has an absolute advantage in making blankets

Sam has neither a comparative nor an absolute advantage in knitting sweaters or making blankets

Sam has a comparative advantage in knitting sweaters

Economists build economic models to:

Help analyze the way the world works

Be able to use graphs to show how the economy works

Describe how a business should combine the factors of production

Find out how high teenage unemployment is

Economics is primarily the study of:

The problem of scarce resources relative to human wants

How government influences resource allocation decisions

Which of the following is considered a trade-off?

Reducing the amount of resources spent on one want to spend more on another want

Decreasing the amount of resources spent on all wants to reduce the total costs in the future

Replacing one resource with another resource to satisfy a want

Organizing the use of a resource in a manner that fulfills all wants

Which of the following is considered to be an opportunity cost of playing sports?

Loss of some time spent with friends and/or family

Medical bills as a result of an injury

Equipment necessary to play the sport

A disease has been affecting banana crops, and at the same time, consumers learn that bananas cure baldness. What will happen to the price and quantity of bananas?

Price will rise, while the quantity change is unknown

Price will fall, while quantity change is unknown

Price will rise, while the quantity will fall

The price of paper is rising and at the same time fewer people are reading paper books. In the market for books, what will happen to price and quantity?

The change in price is unknown, but quantity will decrease

The change in price is unknown, but quantity will increase

Price will rise and quantity will fall

Price will fall and quantity will rise

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market?

Pesticides on apples linked to mouth cancer.

An apple a day really does keep the doctor away.

New genetic strain leads to apple trees that produce twice as many apples.

The Supply Curve is upward-sloping because...

As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.

as price increases, consumers demand less.

as price increases, so do costs.

Domain 1: Basic Economic Concepts

Authored by Tenisha Godley

Other

12th Grade

Used 7+ times

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32 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs

A limited amount of resources to meet unlimited wants and needs.

When people use time and energy to create events

A city where individuals commit themselves to unlimited wants and needs

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Sally decides to attend college after high school rather than getting a job. What is her opportunity cost?

All the things she could have done in that time

Her tuition and fees

Wages she could have earned at a job

The education she gains in college

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why are entrepreneurs important in a free enterprise economy?

They hire their own employees

They make safe investments

They pay excellent salaries

They start new businesses

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is foregone benefit of the next best alternative when resources are used for one purpose rather than another?

Opportunity Cost

Trade in

Trade on

Scarcity

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are these?
Land, labor, capital, and entrepreneurship

Economy

Infrastructure

Factors of production

Capital

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If a country can produce a good at a lower opportunity cost then they have a(n)...

Absolute Advantage

Comparative Advantage

Trade Surplus

Trade Defecit

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a country produces more of a good than another country then they have a(n)...

Absolute Advantage

Comparative Advantage

Trade Surplus

Trade Defecit

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Domain 1: Basic Economic Concepts

The definition of Scarcity is...

Sally decides to attend college after high school rather than getting a job. What is her opportunity cost?

Why are entrepreneurs important in a free enterprise economy?

What is foregone benefit of the next best alternative when resources are used for one purpose rather than another?

What are these?
Land, labor, capital, and entrepreneurship

If a country can produce a good at a lower opportunity cost then they have a(n)...

If a country produces more of a good than another country then they have a(n)...

Which of the following would be a clear indication of being an entrepreneur?

Someone applies for a patent for their invention. The government grants these patents to:

According to this production possibilities curve, which point represents under-utilization?

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Other

Domain 1: Basic Economic Concepts

The definition of Scarcity is...

Sally decides to attend college after high school rather than getting a job. What is her opportunity cost?

Why are entrepreneurs important in a free enterprise economy?

What is foregone benefit of the next best alternative when resources are used for one purpose rather than another?

What are these? Land, labor, capital, and entrepreneurship

If a country can produce a good at a lower opportunity cost then they have a(n)...

If a country produces more of a good than another country then they have a(n)...

Which of the following would be a clear indication of being an entrepreneur?

Someone applies for a patent for their invention. The government grants these patents to:

According to this production possibilities curve, which point represents under-utilization?

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Other

What are these?
Land, labor, capital, and entrepreneurship