Unit 1 Scarcity and markets

Land, Labor, Physical Capital, Human Capital, Entrepreneur are examples of?

• Types of weather
• Categories of animals
• Varieties of food
• Factors of production

Which of the following is an example of Physical Capital?

• Human skills
• Machinery
• Brand reputation
• Software

Which of the following is not an example of the factors of production?

• Money
• Land
• Labor
• Capitol

In economics, what you give up is referred to as?

• sunk cost
• opportunity cost
• marginal cost
• fixed cost

In economics this word means happiness or satisfaction?

• unhappiness
• utility
• discontent
• misery

You choose to ride your horse instead of walking your dog, what is your opportunity cost in this situation?

• The opportunity cost is riding your bike
• The opportunity cost is walking your dog.
• The opportunity cost is taking a nap
• The opportunity cost is watching TV

You are planning a vacation, you are trying to decide to go to the Bahamas or France, making one choice over another is known to as?

• utility

• marginal

• tradeoff

• decision-making

If you are producing on a PPC curve you are?

• efficiently using all available resources
• producing below the PPC curve
• wasting all available resources
• not using any available resources

If you are producing under the PPC curve you are?

• Not utilizing resources efficiently
• Operating at the highest level of productivity
• Using all resources effectively
• Producing at the maximum efficiency

What one is an example of underutilization on a PPC?

• Full employment
• Unemployment
• Overproduction
• Maximum utilization