Fundamentals of Economics Quiz (v)
An autoworker is considered ________ and earns ________.
labor; wages
Scarcity requires that people must
make choices.
The situation in which some necessities have little value while some non-necessities have a much higher value is known as
paradox of value.
The most fundamental economic problem is
scarcity
How does production possibilities frontier show an increase in production possibilities?
shifts outward or to the right
Which of the following is NOT a factor of production?
the wages paid to workers.
Which of the following is NOT a basic economic question?
where to produce
Which factor of production machines like a pizza oven or deep fryer at a restaurant?
capital
Manufactured goods needed to produce other goods and services are called
capital goods.
How can individuals improve their human capital?
completing high school, going to technical school, or attending college
When we rely on others and others rely on us to provide most of the goods and services we consume is called
economic interdependence.
Economics is best defined as the study of how people, businesses, governments, and societies
how to allocate scare resources.
Which factor of production includes natural resources like coal, gold or oil?
land
When a consumer buys gasoline at QT, she is making a purchase in which market?
product market
On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is
working out at the gym, having breakfast with friends, and sleeping late.