Exam 2: Scarcity and the World of Trade-Offs

At a point on a production possibilities curve,opportunity cost of more capital goods today is

The problem of economic scarcity applies

Technology is

If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour,then

Which of the following is NOT considered to be an economic resource?

By going to school an individual will obtain which resource?

The conversion of resources into consumer goods or services is called

Which is the best example of specialization?

Which of the following statements is NOT an assumption underlying the production possibilities curve?

Carlos is an executive of a major corporation.Boris is a baker.Carlos earns a salary ten times as large as the salary Boris earns,and Carlos has a much larger oven for baking break.Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake faster.

When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region,it is practicing

When a society takes increasing amounts of resources and applies them to the production of a specific good,resulting in increasing opportunity costs for each additional unit produced,which of the following applies?

When determining the production possibilities curve

List and explain three major factors that cause economic growth.

Why does the trade-off between consumption goods and capital goods represent a trade-off between the present and the future?

Generally,if a nation produces more consumer goods than capital goods

Opportunity cost is

A point outside a production possibilities curve indicates

Which of the following is held constant when constructing a production possibilities curve?

-In the above figure,what is the opportunity cost of one bushel of soybeans?