WorksheetsEcon Review Quiz 1 Spring '23
Total questions: 13
Worksheet time: 7mins
Human made materials used to produce goods and services
Capital
Land
Labor
Entrepreneur
Which point is considered efficient
X
Y
B
None of the above
Attainable but inefficient
X
B
Y
A
Unattainable
X
B
Y
A
Value of second best alternative
Efficiency
Labor
Scarcity
Opportunity Cost
Unlimited wants, limited resources
Trade offs
Opportunity Cost
Scarcity
Attainable and efficient
An increase in the Production Possibilities Curve is shift to the _______
Middle
Right
Left
Down
A producer is someone who buys goods and services
True
False
Mark Zuckerberg, Steve Jobs are examples of
Capital
Labor
Entrepreneur
Land
Durable Goods are expected to last at least 3 years
True
False
Milk is an example of a
Durable good
Non-Durable Good
Labor
Capital
Branch of Economics studies Economy as a whole
Macroeconomics
Microeconomics
Branch of economics studies the decisions of businesses and individuals
Macroeconomics
Microeconomics
