Economics

Suppose the economy is operating at Point B. The opportunity cost of producing a 3rd train would be...

45 tons of sugar

Suppose the economy is operating at point C. The opportunity cost of producing the 4th train would be...

80 tons of sugar

Economics is best defined as the study of how society deals with...

the problem of scarcity

All of our human effort during the production process is considered to be...

A factor of production known a labor

Which of the following is not considered a need?

A job

A factory building is an example of which factor of production?

Capital

A process through which an economy's production possibility curve is shifted outward is:

Economic growth

Who owns the factors of production according to the circular flow model

Households

Which of the following is not a factor of production?

Innovation

Which of the following is not a characteristic of capital?

Natural resource

All goods and service are scarce because...

Resources and limited

Conflict over water rights between urban and rural areas best represents which economic concept?

Resources and scare

technological improvements will...

Shift PPC outward

Which of the following descriptions best explains the meaning of opportunity cost?

The cost of choosing one alternative over another

Thomas is offered tickets to a concert. His opportunity cost of going to the concert is...

Whatever Thomas would have done other than the concert

All points inside PPC represents

inefficient production points

If you choose between two summer jobs, what is the one you do not choose, or your next best choice...

opportunity cost

opportunity cost refers to...

the value of the next best alternative