Exam 2: Confronting Scarcity: Choices in Production

The role of government in shifting the production possibilities curve to the right is considered:

Knowledge that can be applied to the production of goods and services is:

If an economy is operating on its production possibilities curve, it is:

Government's role of protecting property rights is considered:

When a nation experiences economic growth:

Use the following to answer questions Exhibit: Production Possibilities Curve 2 -(Exhibit: Production Possibilities Curve 2) The economy will experience its greatest growth by operating at point:

The cost of the Great Depression between 1929 and 1942 was a loss of:

In drawing a production possibilities curve, it is assumed that:

In a market capitalist economy:

The best example of a command socialist economy is:

Use the following to answer questions Exhibit: Sugar and Freight Trains -(Exhibit: Sugar and Freight Trains) The downward slope of the production possibilities curve implies:

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 _______ .

The basic economic differences among nations throughout history concerning institutions, philosophy, and ideology mainly focus on:

Use the following to answer questions Exhibit: Strawberries and Submarines -(Exhibit: Strawberries and Submarines) As the economy moves from point A towards, say, point D, it will find that the opportunity cost of each additional submarine:

Two components of labor are:

Government's role of providing national defense is considered:

A source of economic growth is:

Two friends, one an engineer and the other an accountant, decide to form a partnership.If the accountant takes care of the books and the engineer runs the factory, they are likely to enhance the economy's productivity through:

Governments often establish rules that influence how an economy operates.Which of the following rules will most likely increase the ability of society to produce goods and services?

The production possibilities curve shows various combinations of two products that an economy can produce when there is full employment and economic efficiency.