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WorksheetsEcon 1.2
Total questions: 15
Worksheet time: 18mins
computer used to produce magazine articles
land
capital
labor
entrepreneurship
the south's rainy season
land
capital
labor
entrepreneurship
a third-grade teacher
land
capital
labor
entrepreneurship
the manager of a car repair shop
land
capital
labor
entrepreneurship
creator of a new smartphone app
land
capital
labor
entrepreneurship
Which of the factors of production involves risk taking and combining resources to create a good or service
land
labor
capital
entrepreneurs
Opportunity Costs refers to
the dollar amount attached to a good or service
the value of the next best alternative
the cost of not expanding production
the cost of labor when production is expanded or changed
When deciding how to use resources, you need to evaluate the cost and benefit of each choice to decide which meets our criteria. These are called
trade offs
opportunities
resource frontier
priorities
Resources are powerful because
they have more rights than corporations
they help decide a business's opportunity costs
they drive decisions about what to produce
their interests force producers to behave ethically
Consumers are expected to read the full information about a product before making a purchase. This is an example of a consumers' ______________.
opportunities
rights
habits
responsibilities
What is the opportunity cost of producing 100 new units of clothing, after only producing food.
25 units of food
50 of clothing
75 units of food
100 of clothing
What is the opportunity cost of producing 150 units of clothing instead of 100 units of clothing.
25 units of food
50 units of food
75 units of food
100 units of food
What is gained when producing 100 units of food and your manager wants 50 less units?
50 units of food
150 units of clothes
75 units of food
100 units of clothes
The owner of the company you work wants to produce 150 units of clothes and 75 units of food. What would you tell them?
That would be under utilizing of our resources
No problem boss, whatever you say.
Sorry but we do not have enough resources to produce those levels
Let me talk to Steve and Linda in human resources first.
What can be said about point E on the image?
You would not be using the resources available to the full capacity
It is the best production possibility for safety purposes
We do not have enough resources to produce those levels
Producing Food 7 Clothes at point E is fun
