Economics Unit 1 Review

Which is not a feature common to all games?

• Outcomes

• Winners

• Players

• Rules

All are common features of all games except:

• Rules

• Properties

• Winners

• Outcomes

Which is not a feature common to all games?

• Properties

• Players

• Teams

• Rules

Economics is about allocating resources to produce and distribute which of the following?

• Outcomes and properties

• Consumers and producers

• Goods and services

• Wages and profits

Economics concerns the allocation of resources for which processes?

• Production and distribution

• Consumption and destruction

• Innovation and efficiency

• Expansion and stagnation

Which of the following is an example of an allocation decision?

• Reusing

• Allocating

• Discovering

What is an example of an allocation decision?

• Coal is set aside to burn as heating fuel.

• An assembly line is used to build cars.

• A hub-and-spoke network is used to ship packages.

• A telephone factory is converted to make computers.

What is an example of a production decision?

• A gas station is expanded to accommodate more cars at once.

• An assembly line is used to build cars.

• A pipeline is set up to get oil from wells to refineries.

• Crude oil is set aside to refine into gasoline for cars.

What is an example of a distribution decision?

• Diamonds are set aside to use for industrial drills.

• A pipeline is set up to get oil from wells to refineries.

• A telephone factory is converted to make computers.

• A textile factory decides to use electric sewing machines.

Which statement best describes an efficient outcome?

• A government program allocates food to the needy.

• A car is designed to waste as little fuel as possible.

• Consumers are given the widest range of choice possible.

• A company sets up a retirement program for its employees.