KD CONTEST

Which of the these economists died in 1984?

• J.S. Mill

• Alfred Marshall

• Adam Smith

• Lionel Robbins

Which of the following proves that resources are scarce?

• Resources are endless

• Resources are limited in demand

• Resources are limited in supply

• Resources have opportunity cost

Which is best explains opportunity cost?

• the best alternative selected

• the most alternative forgone

• the least alternative selected

• the best alternative unselected

Which is in the right order?

• distribution, production, consumption, and exchange

• production, exchange, consumption, distribution

• production, consumption, exchange, and distribution

• production, exchange, distribution, and consumption

At what point on the PPC are all resources used for the production of consumer goods?

• 1

• 2

• 7

• 6

What is the mean of 10, 10, 10, 5, and 5?

• 10

• 5

• 8

• 0.8

Which shows the productivity of each worker in a firm?

• increase in average product

• decrease in average product

• increase in marginal product

• increase in total product

How many cupcakes were produced on Tuesday?

• 3

• 2.5

• 12

• 15

Why is physical land a scarce commodity despite it being a free gift of nature?

• There are more people than land

• There is more land than people

• People usually have to pay rent to use land

• Land is always used for production

What method of production is best for less bulky goods?

• job

• batch

• mass

• flow