Economics Outcome A

To learn a society’s alternate ways of using resources, you might study their

• Trade-offs

• Factors of Production

• Opportunity Costs

• Production Possibilities Curve

What are three factors of production?

• Land, Labor, Money

• Physical Capital, Human Capital, Entrepreneurship

• Land, Labor, Capital

• Entrepreneurship, Scarcity, Shortage

Any tools that are made by humans and used to create other goods and services are called

• Capital

• Labor

• Services

• Production

Why do we experience scarcity?

• Because some goods cost more than others.

• Because all resources are scarce.

• Because some goods are wants and others are needs.

• Because some people want to have more goods than others.

The most desirable alternative given up as the result of a decision is known as the what?

• Trade-off

• Opportunity Cost

• Marginal Analysis

• Underutilization

The three basic economic questions include what to produce, how to produce and...?

• How many employees will be needed?

• Who will produce our goods and services?

• Who will consume the goods and services?

• How much will the goods and services cost?

Which of the following is NOT one of the three levels of economics?

• Macro

• Micro

• Individual

• Mini

What are diminishing marginal returns?

• the point when marginal increases provide you with less benefit than before.

• the point when marginal increases provide you with more benefit than before

• he point when marginal increases provide you with equal benefits.

• the point when marginal increases provide you with no benefits.

A “mixed” economic system is a combination of a centrally-planned system and what?

• Traditional

• Free Market

• North Korea

• Command

If studying for two hours gets you an 80% on a test, and studying for three hours gets you an 86%, what is the marginal benefit of the extra hour?

• 80%

• 6%

• 86%

• 0%