WorksheetsChapter 1 Test Econ
Total questions: 24
Worksheet time: 12mins
The Soviet Union excelled at:
Being efficient
production of wooden structures
Achieving both underutilization and the impossible at the same time
Achieving both scarcity and marginal benefit at the same time
Limited amounts of resources trying to meet unlimited wants
race car
Adding more resources to a nation allows them to
Producing fewer goods and services than resources allow is called
To increase military spending or food stamp spending?
Deciding to play video games rather than do homework is an example of
Coal, cows, wood, soil
What does a downward sloping line on a cost benefit graph mean?
What does an upward sloping line on a cost benefit graph represent?
Investing in new tatoos and beard products for coffee shop employees is an example of
On this PPC model, what would be the opportunity cost of increasing robot production from 0 to 70?
15 corn
What would the opportunity cost be of increasing corn production from 35 to 50 units?
70 robots
Type of economics that study's how an economy should be, rather than how it really is.
Macro economics
Micro economics
Normative Economics
Positive economics
Every decision involves a trade off because
resources are limited
Not everyone has 24 hours in the day
The PPC cannot function in a vacuum
Marginal Benefit
