John has a large apple orchard. He has decided to bake pies and sell them at the local farmer's market. Which best describes John's use of economics?
John is using available and renewable resources.
John is relying on inexpensive labor costs to improve profits.
John is using resources to produce both goods and services.
John is assuming consumers will have limited need for his product.
answer
John is using available and renewable resources.
question
Study the following production possibility curve.
The number of data points that illustrate the proper allocation of resources is _____.
answer
Three
question
What type of labor force might a pottery factory want to focus on when hiring?
highly skilled
highly wealthy
highly educated
highly localized
answer
Highly skilled
question
Which of the following would be a producer?
someone owning a book store
someone shopping in a grocery store
someone putting gas in a car
someone waiting in line at a bank
answer
Someone owning a bookstore
question
Which of the following is influenced by personal economic choices? Check all that apply.
the cost of your rent and utilities
the resources you have available
the amount of money you spend on a bus pass
the money you decide to spend on leisure products
the amount of money you put into your savings account
the manner in which you balance your time between work and leisure
answer
The resources you have available
The money you decide to spend on leisure products
The amount of money you put into your savings account
The manner in which you balance your time between work and leisure
question
One of the purposes of studying economics is to understand the:
reasons people purchase certain goods.
reasons some resources become scarce.
principles that explain why produces buy goods and services.
principles that influence the production of goods and services.
answer
Principles that influence the production of goods and services.
question
What is an example of goods?
a hotel room
a good haircut
a television show
a computer game
answer
A computer game
question
What might happen if an economy is unable to produce wanted goods and services?
People will go without them.
People will look elsewhere for them.
People will stop wanting them.
People will focus on needs instead.
answer
People will look elsewhere for them.
question
The factors of production attempt to instill the idea that resources are:
expensive.
scarce.
unlimited.
needed.
answer
Scarce.
question
Opportunity cost means that something needs to be:
replenished.
given up.
ignored.
paid for.
answer
Given up.
question
Which of the following statements about opportunity cost are true?
CHECK ALL THAT APPLY.
It exists because resources are scarce.
It influences consumers.
It influences producers.
It assists in anticipating profits.
It encourages people to spread their resources around.
answer
It exists because resources are scarce.
It influences consumers.
It influences producers.
question
Which of the following are considered needs? Check all that apply.
food
Internet
cell phone
residence
television
water
answer
Food
Residence
Water
question
What are the basic types of resources used by producers? Check all that apply.
capital
labor
value
scarcity
land
answer
Capital
Labor
Land
question
Land is considered a resource because it:
is always available to use.
is used to produce things.
costs little or nothing to use.
requires labor to be useful.
answer
Is used to produce things.
question
Which of the following would be considered a nonrenewable resource?
sun
wind
lumber
petroleum
answer
Petroleum
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