Economics Quiz 1

Taylor needs to buy clothes to wear for work due to a company dress code.  This is an example of

• Want

• Need

• Good

• Service

Which of the following is considered a "Factor of Production"?

• Land

• Labor

• Financial Capital

• All of the above

 An example of physical capital would be:

• Employee

• Start up money

• Hammer

• Skills obtained from vocational school

The best definition for opportunity cost is:

• The decision

• What you give up

• What you gain

• A win-win scenario

The best definition of a "Trade-Off" is

• The decision one makes

• What you give up

• What you gain

• A win-win scenario

Unique skills that individual people have are called

• Human capital

• Embodied skills

• Physical capital

• Experience skills

On the following Production Possibilities Curve, which letter(s) indicate efficiency?

• A

• X

• D

• BDC

Aiden needs reliable transportation to work.  He buys a Ferrari with a sunroof and golden spinner wheels.  This is an example of 

• Good

• Service

• Want

• Need

Where in the image of the Production Possibilities Curve is production impossible?

• A

• X

• C

• D

Athletes must have a yearly physical at their primary care doctors' office. This is an example of 

• Good

• Service

• Want

• Trade off