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Economics Test Questions With Complete Solutions
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Economics Test Questions With Complete Solutions
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Economics Test Questions With Complete SolutionsCapital Correct Ans - computers used to produce magazine articles
Land Correct Ans - the South's rainy season
Labor Correct Ans - a third-grade teacher
Labor Correct Ans - the manager of a car repair shop
Entrepreneurs Correct Ans - developer of a new smartphone app
Capital Correct Ans - Which of the factors of production involves
taking risks and combining resources to produce a good or service?
The value of the next best alternative Correct Ans - Opportunity
cost refers to
trade-offs Correct Ans - When deciding how to use resources, you
need to evaluate the costs and benefits of each choice to decide which
meets your criteria. These are called
they drive decisions about what to produce Correct Ans -
Consumers are powerful because
responsibilities Correct Ans - Consumers are expected to read the
full information about a product before making a purchase. This is an
example of a consumer's
an influx of immigrants from other countries, the discovery of an abundant
natural resource, and a long drought Correct Ans - Which of the
following would result in a change in the production possibilities frontier
in the mythical country Alpha?
It would expand the frontier Correct Ans - In the mythical country
Alpha, an entrepreneur has introduced a new technology that makes
manufacturing twice as efficient as before. How is this likely to affect the
production possibilities frontier?
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