Exam 2: Scarcity and the World of Trade-Offs

The more society consumes today,

One opportunity cost associated with going to college is

Which of the following is NOT an example of investment in human capital?

One of the assumptions underlying the production possibilities curve is that

The only way that a society can produce outside the production possibilities curve is

Which of the following is NOT a factor of production?

The production possibilities curve demonstrate which of the following concepts?

Which of the following statements indicates the idea of trade-offs?

A bowed production possibilities curve is consistent with

Services can be thought of as

What is production? What economic factors are involved in production?

Technology is best defined as

Economic goods are defined as

-In the above figure,which of the following points indicates the efficient use of resources?

Which of the following statements about scarcity is TRUE?

The principle of comparative advantage implies that

Assuming Vice President Smith has to sacrifice more than his assistant in order to engage in full-time typing,we would say that his assistant has a(n)________ advantage in typing versus Mr.Smith.

The law of increasing additional cost is due to

Opportunity cost can best be defined as

Politicians often argue that a country's standard of living is reduced when it allows imports into the country.Offer an economically sound counter-argument.