Econ Quiz #1

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Chapter 1: Sarcity, Opportunity Cost, Production Possibilities Curve

Questions and Answers

1.

What term do economists use for the value of the next best alternative sacrificed?
- A.
  
  Scarcity
- B.
  
  Opportunity cost
- C.
  
  Shortage
- D.
  
  Efficient
Correct Answer
B. Opportunity cost
2.

Which of the following are capital goods?
- A.
  
  Land and water resources
- B.
  
  Items on a store's shelves
- C.
  
  Buildings, structures, machinery, and tools
- D.
  
  Workers
Correct Answer
C. Buildings, structures, machinery, and tools
3.

What is the opportunity cost of moving from point "A" to point "K" on the following production possibilities frontier?
- A.
  
  450 crab puffs
- B.
  
  500 crab puffs
- C.
  
  50 crab puffs
- D.
  
  10 storage sheds
Correct Answer
A. 450 crab puffs
4.

When a producer will not or cannot supply a good or service at current prices, it's called

Correct Answer
shortage
a shortage
shortages
5.

Deciding about adding or subtracting one unit of a resource is called

Correct Answer

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