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Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
60. The economizing problem for society is:
61. The economizing problem is essentially one of deciding how to make the best use of:
62. In every society, choices must be made because resources are:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
63. Economists would classify all of the following as land except:
64. The individual who brings together economic resources and assumes the risk of business
ventures in a capitalist economy is called the:
65. Which would not be considered as a capital resource by an economist?
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
66. Which of the following is considered as an economic resource?
67. Which is not a factor of production?
68. Which is considered a factor of production?
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
69. Money is not considered to be an economic resource because:
70. Which of the following is a factor of production?
71. Which of the following is considered to be an entrepreneur?
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
72. The role of the entrepreneur in society is to:
73. Which of the following is one of the four simplifying assumptions made in constructing
the production possibilities model?
74. The production possibilities curve represents:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
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75. On a production possibilities curve, the single optimal or best combination of output for
any society:
76. All of the following would affect the position of a country's production possibilities curve,
except:
(The following economy produces two products.)
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
77. Refer to the above table. The total opportunity cost of the three units of steel is:
78. Refer to the above table. The marginal opportunity cost of the third unit of steel is:
79. Refer to the above table. A change from combination C to B means that:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
80. Refer to the above table. In moving from possibility C to D, the opportunity cost of a unit
of steel in terms of a unit of wheat is:
81. Refer to the above table. A change from possibility B to C means that:
82. Refer to the above table. In moving stepwise from possibility A to B to C to F, the cost
of a unit of steel in terms of wheat:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
(The following economy produces two products.)
83. Refer to the above table. The total opportunity cost of the three units of tanks is:
84. Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
85. Refer to the above table. In moving from possibility C to D, the cost of a tank in terms of
autos is:
86. Refer to the above table. The opportunity cost of each additional tank in terms of autos:
87. Refer to the above table. According to the production possibilities schedule, a
combination of four tanks and 650 autos is:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
88. Given the production possibilities schedule above, a combination of three tanks and 350
autos:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
89. Refer to the above graph. The combination 5 drill presses and 2 bread is:
90. Refer to the above graph. The total opportunity cost of nine drill presses is:
91. Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
92. A point inside the production possibilities curve is:
93. A point on the production possibilities curve is:
94. A point outside the production possibilities curve is:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
95. The production possibility curve:
96. In a production possibilities graph with just two products in an economy, the graph shows
the quantity of:
97. A movement along the production possibilities curve would imply that:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
98. A point outside (to the right of) the production possibilities curve of a nation:
99. Points C, D, E, and H on the above graph indicate:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
100. The combination of food and clothing shown by point G on the above graph:
101. The combination of food and clothing shown by point F on the above graph:
102. Along a production possibilities curve, an increase in the production of one good can be
accomplished only by:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
103. The law of increasing opportunity costs says that:
104. The production possibilities curve bows outward from the origin because:
105. If the opportunity cost of producing extra units of one good (expressed in terms of the
amount of another good that is sacrificed) remains constant, then the shape of the production
possibilities curve is:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
106. Which statement is an economic rationale for the law of increasing opportunity costs?
107. If the production possibilities curve is a straight line, then:
108. If a production possibilities curve is concave and not a straight line, then:
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
109. If economic resources are perfectly interchangeable between the two products shown on
a production possibilities graph:
110. A tradeoff exists between two economic goals, X and Y. This tradeoff means that:
111. Which statement would be an example of a tradeoff?
Chapter 01 - Limits, Alternatives, and Choices (+ Appendix)
112. In a production possibilities table, the most-valued or optimal point for society is
determined by:
113. When a society is under-allocating resources to the production of a good or service, then
the:
114. In a graph of the marginal benefit (MB) and marginal cost (MC) of national defense
goods, a rightward shift or increase in the MB curve will:
