2023 Question 1 2 pts When making a choice to do more of one activity | Assignments Online
2023 Question 1 2 pts When making a choice to do more of one activity | Assignments Online
Assignments Online 2023 Business Finance
Question 12 pts
When making a choice to do more of one activity, the highest-valued other choice society does not make is called _______ , and it is measured _______ .
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opportunity cost; by the slope of the production possibilities curve at that level |
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opportunity cost; in terms of the money it costs |
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constant cost; by the slope of the production possibilities curve at that level |
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increasing cost; in terms of the amount of money spent doing so |
Question 22 pts
Which of the following is not capital?
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a computer in the office of an accountant |
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a wrench in an auto-repair shop |
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a new machine used for producing microchips |
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a migrant worker in the fields of California |
Question 32 ptsSkip to question text.
Suppose the economy is operating at point A, producing 244 tons of sugar and 1 freight train. The opportunity cost of producing the second freight train is:
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19 tons of sugar. |
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25 tons of sugar. |
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225 tons of sugar. |
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6 tons of sugar. |
Question 42 pts
If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
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fluctuating opportunity cost. |
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increasing opportunity cost. |
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decreasing opportunity cost. |
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constant opportunity cost. |
Question 52 pts
Knowledge that can be applied to the production of goods and services is:
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specialization. |
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technology. |
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comparative advantage. |
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natural resources. |
Question 62 pts
The model that shows the goods and services the economy is capable of producing is the model of :.
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production possibilities |
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The fallacy of composition |
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utility |
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scarcity |
Question 72 pts
The three broad types of factors of production are:
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technology, human capital, and comparative advantage. |
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stocks, bonds, and financial assets. |
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money, profit, and interest. |
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capital, labor, and natural resources. |
Question 82 pts
The process through which an economy’s production possibilities curve is shifted outward is:
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specialization. |
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full employment. |
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economic growth. |
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comparative advantage. |
Question 92 pts
If an economy is operating on its production possibilities curve, it is:
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efficient and fully employed. |
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inevitably going to grow in the future. |
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efficiently producing but not necessarily fully employed. |
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fully employed but not necessarily efficient. |
Question 102 pts
One of the two criteria for a resource to be considered as a natural resource is that it must:
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be part of a factory or building. |
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not be part of the environment. |
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be available for the production of goods and services. |
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have been produced. |
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