Econ Review Quiz 1 Spring '23

Human made materials used to produce goods and services

• Capital

• Land

• Labor

• Entrepreneur

Which point is considered efficient

• X

• Y

• B

• None of the above

Attainable but inefficient

• X

• B

• Y

• A

Unattainable

• X

• B

• Y

• A

Value of second best alternative

• Efficiency

• Labor

• Scarcity

• Opportunity Cost

Unlimited wants, limited resources

• Trade offs

• Opportunity Cost

• Scarcity

• Attainable and efficient

An increase in the Production Possibilities Curve is shift to the _______

• Middle

• Right

• Left

• Down

A producer is someone who buys goods and services

• True

• False

Mark Zuckerberg, Steve Jobs are examples of

• Capital

• Labor

• Entrepreneur

• Land

Durable Goods are expected to last at least 3 years

• True

• False