Chapter 1: Section 3 Quiz

What do we call it when a nations total output of goods and services increases over time?

• Economic Growth

• Economic Stagnation

• Budgeting

• Human Capital

What do we call the sums of a person's skills abilities, health, knowledge, and motivation.

• Human Capital

• Productivity

• Entrepreneurship

• Markets

Which of the factors of production involves taking risks and combining resources to produce a good or service?

• Land

• Labor

• Capital

• Entrepreneurs

What do economists call the thing that you give up when you make a choice. It is defined as "The value of the next best alternative".

• Opportunity Cost

• Economic Growth

• Assumptions

• Productivity

What is it called when two separate countries have to rely on each other to provide most of the goods and services we consume.

• Economic Interdependence

• Economic Growth

• Division of Labor

• Specialization

Which type of market is where households go to earn money (income) by selling their labor to businesses.

• Factor Market

• Product Market

What type of market is where households go to spend their wages (income) on goods and services sold by businesses.

• Factor Market

• Product Market

Computers used to produce magazine articles is what type of Factor of Production?

• Land

• Labor

• Capital

• Entrepreneur

What is the best way for a company to increase specialization and therefore increase efficiency.

• Division of Labor

• Factor Markets

• Assumptions

• Economic Interdependence

What city did Mr. Guilliod move to Texas from?

• Las Vegas

• San Antonio

• San Francisco

• Chicago