Economics 2 Test Review

What is also known as the next best thing?

• Buyers remorse

• Consumer cost

• Opportunity cost

• Productivity cost

What is the value of the most important thing you give up when you make a decision?

• Consumer cost

• Buyers remorse

• Productivity cost

• Opportunity cost

What is a sign of a growing economy on the PPF graph?

• Shifts down

• Shifts to the left

• Shifts up

• Shifts to the right

Usually, the higher the level of __________________________________ capital, the more a laborer is paid.

What are actions or activities done for buyers?

• Services

• Economy

• Factors

• Goods

What is a model for understanding the tradeoffs an economy must make when dedicating its scarce resources?

• Opportunity Cost

• Products

• Tradeoffs

• Production Possibilities Frontier

A product possibilities frontier graph is limited to how many resources? _______

What are physical items created for selling?

• Services

• Economy

• Factors

• Goods

Everytime you make a decision, there’s probably a list of ___________________ you make.

• Products

• Tradeoffs

• Opportunities

• Values

If a PPF graph shifts to the left, this is usually a sign of a ___________________ economy.