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Mrs. O Chapter 1 Econ Questions with solutions 2024
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Mrs. O Chapter 1 Econ
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Mrs. O Chapter 1 Econthe study of how people make decisions to satisfy their needs and wants - answer
economics
Scarcity requires people to make choices. Why? - answer There are not enough
resources to make everything we want.
Which economy is efficient? - answer one that makes the most goods and services
possible
What is the difference between a shortage and a scarcity? - answer A shortage can be
temporary or long-term, but scarcity always exists.
An economy that is producing the maximum amount of goods and services is
considered - answer efficient.
the effort that a person devotes to a task for which the person is paid - answer labor
the use of resources to produce the most goods and services - answerefficiency
A region's production possibilities curve might show underutilization of resources if the
region experienced - answera large flood
Which of the following people is an entrepreneur? - answera person who starts an all-
organic cleaning supplies business that employs others
A nation's automakers install new robotic machinery to build cars. As a result, cars take
only a day to make, and the factories can produce many more cars than before. This is
an example of growth caused by - answertechnology
The law of increasing costs means that as production shifts from one item to another, -
answermore and more resources are necessary to increase production of the second
item
Increasing the number of laborers in an economy generally causes a(n) -
answerincrease in the production possibilities curve
when an economy produces less than it should with its resources -
answerunderutilization
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